ArthaLand OKs P35-M cash payout

MANILA, Philippines - Po family-led boutique property developer ArthaLand Corp. has approved the grant of P35 million worth of cash dividends to holders of its preferred shares.

In a statement, ArthaLand said holders of its Preferred Shares Series B with record date of Feb. 24, 2017 will get a cash dividend of P1.76145 per share which will be paid out on March 6, 2017.

This is in accordance with the company’s commitment when the preferred shares were offered to the public late last year.

ArthaLand is poised to grow its development portfolio five times in the next five years.

The company issued the shares in December last year, successfully raising P2 billion. It sold 20 million preferred shares at P100 per share, including an oversubscription option of 10 million preferred shares.

ArthaLand set a dividend yield of 7.0458 percent per annum for the offer, which is redeemable in five years.

Preferred shares are cumulative, non-voting, non-participating, non-convertible and peso-denominated.

According to documents filed with the Securities and Exchange Commission, proceeds of the share sale would be used to finance the development of four new projects — the Cebu Exchange Project (P53.6 million),  Biñan Laguna Project (P458.8 million), Makati Residential Project (P371.6 million) and South of Metro Manila Project (P822.4 million).

The company launched the Cebu project, its first project in the Visayas and Mindanao region, in the fourth quarter last year. It is set to begin the ground works for this iconic commercial building project within this quarter.

The company is currently finalizing the master plan for its first horizontal project in a prime property it acquired in Biñan, Laguna.

ArthaLand is a boutique developer of sustainable, world class projects. It rests on the solid backing of CPG Holdings Inc. (CPGHI), its biggest shareholder. CPHGI is led by the Po family of Century Pacific Food Inc., the country’s largest canned food company, which owns market leader brands such as Century Tuna, 555, and Argentina, among others. ArthaLand’s other major shareholder is international investment firm AO Capital Group.

The company’s other projects include top-end LEED Gold certified residential condominium, Arya Residences, as well as LEED Gold pre-certified premium office building, ArthaLand Century Pacific Tower. These projects are both located in Bonifacio Global City, Taguig.