Connect with us

Hi, what are you looking for?

News

Filinvest Land raises P11.9B in oversubscribed bonds

PROPERTY developer Filinvest Land, Inc. (FLI) announced on Thursday that it successfully raised P11.9 billion, which will be used to partially finance its capital expenditure program and refinance maturing debt.

The amount was raised through the issuance of three-year and five-year peso fixed-rate bonds, the company said in a statement to the stock exchange.

The bonds — almost 10 times oversubscribed over the base amount of P8 billion — were listed in the Philippine Dealing & Exchange Corp. on June 23, it added.

Proceeds will add to the company’s internally generated funds in support of its continued expansion in affordable and middle-income residential development.

The latest bond issuance, according to the company, will be the third and final tranche out of its P30-billion bonds registered in 2020 under the shelf-registration program of the Securities and Exchange Commission.

FLI President Tristan D. Las Marias said the company has a “strong” line up of more than P30-billion new residential projects and expansions.

“We target to launch in new areas like Bataan, Sta. Maria in Bulacan, Naga in Camarines Sur, and in General Santos, South Cotabato,” he said.

He noted that housing continues to grow at a “stable rate” despite the public health crisis.

“We expect this to further grow as we transition out of the pandemic.”

The company has introduced new recurring business products such as co-living, co-working, and logistics and innovation parks with ready-built warehouses.

The first two buildings of its first co-living development — “The Crib” in Clark Mimosa — are expected to be “operational very soon,” said Chief Executive Officer Josephine Gotianun Yap.

“There are also two more Crib buildings under construction. On the other hand, we envision our Innovation Park in New Clark City in Tarlac and Filinvest Technopark in Calamba, Laguna to be the preferred location of logistics, data centers, e-commerce, light manufacturing, and storage business operators,” she also said.

“This will add to our portfolio of recurring income projects which we aim to infuse into Filinvest REIT at the right time.”

Filinvest Land shares closed 2.3% lower at P0.85 apiece on Thursday. — Arjay L. Balinbin

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

SEAN YORO-UNSPLASH By Keisha B. Ta-asan THE INTERNATIONAL Monetary Fund (IMF) expects Philippine expansion to slow this year as rising interest rates cloud the...

News

THE PHILIPPINE central bank is expected to raise the policy rate to 5% by yearend — higher than the initial 4.5% forecast — to...

News

PHILSTAR FILE PHOTO By Kyle Aristophere T. Atienza, Reporter PRESIDENT Ferdinand R. Marcos, Jr. should fulfill his campaign promise to modernize the Philippines’ maritime...

News

PHILIPPINE EMPLOYERS will probably increase their budget for pay increases next...

News

BW FILE PHOTO By Diego Gabriel C. Robles PHILIPPINE EMPLOYERS will probably increase their budget for pay increases next year amid a tight labor...

News

PHILSTAR FILE PHOTO Philippine President Ferdinand R. Marcos, Jr. on Monday certified as urgent the proposed P5.268-trillion national budget for next year, citing the...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.