SEC approves Sta. Lucia Land’s share sale

Sta. Lucia Land received the green light from the Securities and Exchange Commission to the public up to 2.5 billion common shares with an offer price ranging from P2.38 to P3.29 per share.

There is also an oversubscription option of up to 500 million common shares. The shares will be listed and traded on the Main Board of the Philippine Stock Exchange (PSE).

Net proceeds from the offer could reach up to P9.55 billion, assuming the oversubscription option is fully exercised. The company will use proceeds from the offer for capital expenditures and payment of short-term debt, strategic land banking as well as general corporate purposes.

The follow-on offering is slated to run from November 10 to 19, with the shares to be listed on the PSE on November 26, according to the latest timetable submitted to the SEC.

Sta. Lucia Land tapped China Bank Capital Corp. as the sole issue manager, lead underwriter, and sole bookrunner for the offer.