Cityland declares 30% stock dividend

Cityland Development Corp. (CDC) disclosed to the Philippine Stock Exchange (PSE) and the Securities and Exchange Commission (SEC) the declaration of a 30 percent stock dividend to stockholders of record as of July 6, 2000. The declaration was made by the board of directors during its meeting last April 25.

The ratification of dividend declaration will be taken up during CDC's annual stockholders meeting scheduled on June 6, 2000. The distribution date of the stock dividends is set on Aug. 5, 2000.

Based on the latest stock price of CDC at P5.50 per share, CDC has provided its stockholders a net return of P1,332 per share, through cash and stock dividends for every P10 original investment in 1981 or a return of 133 times their investment. This particular feat demonstrates CDC's overriding philosophy of promoting shareholder's value. CDC was listed in the PSE in 1983.

Inspite of the sluggishness in the property market brought about the Asian crisis, CDC continues to be profitable and very liquid with a net income of P280 million and cash equivalent of P1,797 billion as reported in its 1999 audited financial statements. This is made possible by the way CDC handled the crisis with prudence by not borrowing any foreign denominated loans, by concentrating in their niche market of high-rise medium-cost condominium which continue to enjoy brisk sales, and by undertaking very selected projects.

The last project completed and delivered by CDC is Cityland Wack Wack Royal Mansion, a condominium project overlooking the Wack Wack Golf Course. It is already 97 percent sold. CDC's ongoing project which is Cityland Pasong Tamo Tower located in Makati City is about 80 percent complete. Construction which is now in the architectural state is in full swing.