Cebu Landmasters shareholders approve FOO plan

Cebu Landmasters [CLI 2.62 ?0.8%] [link] said that its shareholders approved the board’s plan to raise up to ?5 billion from the sale of 5 million Series “A” preferred shares at ?1000/share. The follow-on offering (FOO) would be CLI’s first equity raise since its ?2.15-billion IPO in 2017.

MB BOTTOM-LINE: Not a big update, just noting the administrative steps of the issuance as it works its way through the system. CLI’s application to conduct the FOO is still pending with the SEC. Once approved by the SEC, CLI will need to obtain approval from the PSE, at which time we’ll learn the tentative dates for the issuance’s offer period and listing.
 

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