CITYLAND Development Corp.’s board has approved an application to the Securities and Exchange Commission (SEC) for issuing P1 billion in commercial papers to support its fundraising efforts.
The company’s board approved the filing of the application with the SEC during a special meeting on Aug. 5, Cityland said in a stock exchange disclosure on Tuesday.
The proceeds from the commercial papers will be used to finance the company’s funding requirements.
Cityland’s board also approved the filing of the registration statement with the SEC for the planned commercial paper issuance.
In March, Cityland launched its 50-storey City North Tower condominium project along North Avenue in Quezon City. The project will be situated across the future common station of Metro Rail Transit (MRT) Line 7, MRT 3, Light Rail Transit Line 1, and Metro Manila Subway.
The City North Tower project will have commercial, office, and residential units. The project’s residential portion will feature studio, one-bedroom, and two-bedroom units.
The property will have amenities including a swimming pool, multipurpose room with movable play set, gym, and viewing deck.
Cityland’s projects consist of medium- to high-rise office, commercial, and residential condominiums, residential subdivisions, and farm lots.
On Tuesday, Cityland shares closed unchanged at 71 centavos per share. — Revin Mikhael D. Ochave
