DMCI unit to issue P1-B retail bonds

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DMCI Project Developers Inc. (DPDI), a subsidiary of Consuji-owned DMCI Holdings Inc., will issue P1 billion worth of retail bonds to finance its future projects.

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In a disclosure to the stock exchange, DPDI said it filed for the registration of its fixed-rate retail bonds, called “DMCI Home Saver Bonds,” which will amount to P1 billion from the initial offer of P500 million.

“Proceeds of the offer will be used by the company for working capital and other general corporate purposes,” DMCI said.

The bond issue is part of the company’s fundraising initiatives to finance its five residential project launches this year apart from its 16 ongoing projects.

Sales and reservations from its new and ongoing projects totaling 3,500 units are expected to generate P22 billion revenues.

DMCI Homes is allocating P5 billion purely for land acquisition this year and P6 billion to P7 billion more for development costs.

For the first three months of the year, DMCI saw an 18 percent year-on-year increase in net income to P3.1 billion on the back of its strong power, real estate and water businesses.

Consolidated revenue rose 21 percent to P15.9 billion from P13.1 billion in the same quarter last year.

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