Cebu-based developer ramps up expansion in VisMin

Cebu-based developer ramps up expansion in VisMin

CEBU CITY – Cebu Landmasters Inc. (CLI) disclosed on Monday it has issued PHP3 billion in corporate notes to partially fund its planned capital expenditure this year, including its expansion into the dormitel business here and other strategic acquisitions in the Visayas and Mindanao even amid the pandemic.

In a statement, the Cebu-based developer said it has continued its partnership with BPI Investment Management Inc.’s (BIMI) managed funds by entering into another notes facility agreement worth PHP3 billion.

The amount will be earmarked primarily for the construction of its projects including the mixed-use 300-room dormitel in the city and for acquiring property in several strategic areas in Visayas and Mindanao.

A portion of the proceeds will also be used to begin the groundwork on the 100-hectare reclamation project for its techno business hub in the southern municipality of Minglanilla in Cebu.

Corporate notes are debt securities issued by companies to raise funds for their operations or specific projects.

“CLI is grateful to BIMI and BPI Capital for their trust in our business. We fully intend to live up to our obligations and ensure mutual value and success for our investors. We look forward to a long and fruitful partnership that will bring shared value to all parties,” said CLI chief finance officer Grant Cheng. (PNA)

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