[ bworldonline ]
CITYLAND Development Corp. (CDC) looks to raise P1.4 billion
through the issuance of commercial papers to finance its capital
requirements.
In a disclosure to the stock exchange on Wednesday, the property
developer said its board of directors has approved the filing of an
application with the Securities and Exchange Commission for the
issuance.
In a separate disclosure, its subsidiary City & Land Developers,
Inc. said it will also be issuing P350 million worth of commercial
papers. The company’s board of directors approved the filing of an
application at the SEC for the offering.
Incorporated in 1978, CDC’s core business is to acquire and develop
land for residential, office, commercial, institutional, and industrial
uses. The company has medium to high-rise office buildings, commercial,
and residential condominiums in Makati, Mandaluyong, Manila, and Pasig.
This includes Pines Peak Towers, Grand Central Residences, and Makati
Executive Towers, among others.
It also has residential subdivisions and farm lots located in Bulacan and Cavite.
The company’s market capitalization stood at P3.98 billion at the end of Wednesday’s trading.
Shares in CDC went down by 1.98% or two centavos to close at 99 centavos apiece at the stock exchange on Wednesday. — Arra B. Francia
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