Posted on 09:01 PM, December 06, 2010 [ BusinessWorld Online ]
LISTED Cityland Development Corp. has secured the approval of corporate regulators to sell P1 billion in corporate notes, the company told the local bourse yesterday.
“The Securities and Exchange Commission, in its meeting on Nov. 25, resolved to render effective the registration of P1 billion worth of short-term commercial papers of Cityland Development,” the firm said in a disclosure.
Cityland Development started selling the securities last Dec. 2.
In August, Cityland Development launched the Grand Central Residences, a 40-storey residential condominium targeting investors in Mandaluyong. Ongoing projects include the 39-storey office, commercial and residential Manila Executive Regency in Malate, Manila, and the 39-storey office, residential and commercial condominium Grand Emerald Tower in Ortigas Center in Pasig.
Cityland has two subsidiaries -- City and Land Developers, Inc., a real estate company, and Cityplans, Inc., a pre-need firm. The company has built medium- to high-rise office, commercial, and residential condominiums in Makati, Mandaluyong, Manila, and Pasig.
Shares in the condominium developer -- whose profits slightly rose to P401.38 million in the nine-month period that ended in September from P398.93 million in the previous year amid lower expenses -- fell by P0.04 to P1.32 each yesterday.
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