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City & Land to issue short-term debt papers

[ ] June 24, 2011

A subsidiary of Cityland Development Corp. plans to issue short-term commercial papers to finance its requirements.

In a disclosure to the Philippine Stock Exchange, City & Land Developers Inc. said it has obtained board approval to file a renewal application with the Securities and Exchange Commission for STCPs worth P200 million.

Last year, the property developer had secured regulatory approval to register P200 million worth of STCPs to partially finance the construction of the Grand Emerald Tower and Manila Residences Bocobo.

In February, the company turned over Grand Emerald Tower, a 39-storey office, residential and commercial condominium located along in Ortigas Center, Pasig City. The company is now selling its remaining units.

City & Land is also pre-selling Manila Residences Bocobo, a 34-story office and residential condominium project.

In the first three months, City & Land’s net income reached P71.20 million, 139 percent higher than the P29.69 million posted in the same period last year on the back of the higher sales and completion of Grand Emerald Tower.

Cityland owns 49.73 percent of City & Land.

City & Land shares rose to P2 on Thursday from P1.85 each on Wednesday.

Krista Angela M. Montealegre

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