CLI now seeks to tap P10B from bond market

Newly listed property developer Cebu Landmasters Inc. (CLI) plans to debut on the local bond market, seeking to raise as much as P10 billion in the next three years as it seeks to accelerate various projects.

CLI planned to file early next year an application for the shelf registration of P10 billion worth of bonds, the first tranche of which would likely amount to P3 billion for prospective issuance by April or May 2018, CLI chief financial officer Stephen Tan told reporters in a recent interview.

“We feel that by doing the bond fresh from our IPO (initial public offering), it will not be as challenging, because we just came from the market (and) the recall is still there,” Tan said.

CLI expects to post P1.7 billion in net profit next year, 41.7 percent higher than the projected bottom line this year. —DORIS DUMLAO-ABADILLA