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Puregold, real estate firm seek local debt float

Published on 22 September 2012
Written by Madelaine B. Miraflor

Listed property developer Cityland Development Corp. has renewed its application with the Securities and Exchange Commission (SEC) for the P1-billion worth of short term commercial papers, which will be used for the funding requirements of the company.

Also, publicly-listed grocery chain operator Puregold Price Club Inc. said on Friday that it may issue corporate notes in order to tap the domestic debt market. In a disclosure to Philippine Stock Exchange (PSE), Cityland said that its board of directors has approved the filing of the renewal application with the SEC for the issuance of short-term commercial papers in the aggregate amount of P1 billion.

The proceeds of the application for the short-term commercial papers will be used to finance the funding requirements of the company.

Cityland is one of the primary real estate developer in the country whose projects includes middle to high-rise office, commercial and residential condominiums in the cities of Makati and Mandaluyong, affordable houses in Pasig City and residential subdivisions and farmlots in the provinces of Bulacan and Cavite.

Cityland has been awarded as the Leading Condominium Developer National Awardee by the Housing and Land Use Regulatory Board for two consecutive periods, in 2003 and 2007.

Meanwhile, in a disclosure also to the PSE, Puregold said that its executive committee has approved the commencement of the process for the possible issuance of corporate notes in tapping the domestic debt market.

“Expected proceeds from such possible corporate notes issuance shall be earmarked to finance Puregold’s new store roll-outs, organically and via acquisitions,” said the company disclosure.

Puregold has appointed First Metro Investment Corp. as its lead underwriter and arranger. In mid-August, Puregold officials said in an interview that they are ready to roll out an additional 25 stores in 2013.

“We already eyeballed the location of the new stores in 2013 and we are all set for the construction and completion of these new stores,” said Puregold Investor Relations Chief Jimmy Perez.

He said that the target could still be revised by yearend but the firm’ s 2013 listing of signed contracts will remain intact.

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