City & Land Developers board OKs application for P400-M commercial paper issuance

LISTED City & Land Developers, Inc. said its board has approved the filing of an application for the issuance of P400 million worth of commercial papers as part of the company’s funding requirements.

The company will file the application with the Securities and Exchange Commission (SEC), City & Land said in a regulatory filing on Tuesday.

The proceeds will be used to finance the company’s funding requirements.

For the first half, City & Land saw a 41.9% decline in its net income to P54.49 million from P93.86 million last year.

January-to-June total revenue dropped by 38.1% to P176.67 million versus P285.33 million a year ago.

City & Land is a subsidiary of Cityland Development Corp. It is engaged in the business of acquiring and developing land for residential, office, commercial, institutional, and industrial use.

Some of its projects include Pacific Regency in Malate, Manila; Grand Emerald Tower in Ortigas Center, Pasig; Manila Residences in Veterans Village, Quezon City; and One Taft Residences in Malate, Manila.

On Tuesday, City & Land stocks rose by 4.35% or three centavos to end at 72 centavos per share. — Revin Mikhael D. Ochave