Arthaland starts P2-B follow-on share sale

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LISTED property developer Arthaland Corp. is offering to the public 20 million preferred shares starting today, November 22, as part of its planned sale of up to P3 billion worth of shares under a three-year shelf registration program with the Securities and Exchange Commission (SEC).

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The offer period will be until November 28 and the shares are expected to be listed on the Philippine Stock Exchange (PSE) on December 6.

In a notice posted on its website, the PSE said it approved Arthaland’s planned share sale on Friday immediately after the SEC also gave its nod.

Arthaland is initially offering up to 20 million preferred shares priced at P100 each, to raise P2 billion. This initial tranche consists of 10 million base offer shares and another 10 million shares as an oversubscription option.

The remaining 10 million shares, also to be priced at P100 each, will be offered in a future fundraising exercise within three years.

The offer shares are classified as cumulative, non-voting, non-participating, non-convertible, redeemable preferred shares.

Net proceeds from the initial issue, estimated at P1.97 billion, would be used to fund Arthaland’s projects, which include the Cebu Exchange project (P53.6 million), Binan Laguna project (P331.9 million), Makati CBD residential project (P371.6 million), south of Metro Manila project (P822.4 million); and the partial repayment of loans (P330 million) and for general corporate purposes (P62.3 million).

Arthaland is engaged in property development of residential, commercial, leisure, and industrial projects.

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