Tuesday, September 9, 2008 [ philstar.com ]
Cityland Development Corp. (CDC), a member of the Cityland Group of Companies, is seeking the Securities and Exchange Commission’s approval to issue P1.15 billion worth of short-term commercial papers (STCPs).
Based on its application, Cityland said bulk of the proceeds from the issue (amounting to P770 million) will be used to pay off maturing loans/notes and fund the ongoing construction of The Manila Residences, a 39-story office, commercial and residential condominium along Taft Avenue.
As of end-June this year, The Manila Residences was 24.18 percent complete.
CDC, which had total outstanding loans of P1.03 billion as of June 30 this year, will sell the STCPs at 100 percent of face value.
The company earlier raised its authorized capital stock to P3 billion from P1.9 billion to cover its 20-percent stock dividend declaration.
CDC has completed over 35 condominium projects, holding the record of delivering all its launched projects.
In 2007, CDC posted a net income of P365.4 million, up 82.05 percent from P200.71 million the previous year. Revenues rose 5.6 percent to P3.01 billion from P2.85 billion. — Zinnia dela Peña
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