Arthaland Slashes Preferred Share Offering to P2.5 Billion

MANILA, Philippines — Real estate developer Arthaland Corp. is reducing its upcoming preferred share offering to P2.5 billion and extending the offer period. Arthaland said it has requested the Securities and Exchange Commission (SEC) to approve changes to the offer period, listing date and offer size in connection with the registration of its preferred shares series G and H. The SEC approved the changes, reducing the offer size to up to three million preferred shares, with the same oversubscription option of up to two million preferred shares. The Po family-led developer was previously planning to offer up to four million preferred shares, with an oversubscription option of up to two million shares. The offer period, originally scheduled from Sept. 14 to 18, will now run from Sept. 14 to Sept. 25. The listing date was likewise moved from Sept. 28 to Oct. 2. The preferred shares, which are cumulative, non-voting, non-participating, non-convertible and redeemable, will be offered at P500 apiece. Proceeds will be used for the completion of a property project, partial funding of the redemption of its outstanding Series D preferred shares and for general corporate purposes. BDO Capital & Investment Corp. will serve as the sole issue manager, lead underwriter and lead bookrunner for the offer. Arthaland is recognized as a developer of premium residential and commercial properties with a 100 percent certified sustainable portfolio.