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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