CLI’s new JV firm gets SEC clearance

MANILA, Philippines — A new joint venture company led by listed Cebu Landmasters Inc. (CLI) has secured the green light from the Securities and Exchange Commission.

CLI said the SEC has approved the registration of CLI MAC Developers Inc., a joint venture between the company and Martinez Agricultural Corp. (MAC), a firm that also has interests in realty.

CLI MAC Developers will develop properties into a mixed-use project with residential condominiums and a retail component.

CLI earlier said that it would subscribe to 60 percent of the authorized capital stock of the new joint venture entity, with the remaining 40 percent to be subscribed into by MAC.

Total amount of investment for the joint venture is P373.59 million.

“CLI’s new joint venture with MAC aims to develop a residential condominium project that is positioned to address the ongoing need and demand of residential condominium in the project area,” the company said

CLI’s diverse portfolio includes residential developments, offices, hotels and resorts, co-living and co-working spaces, mixed-use projects and large-scale townships.

The company has close to 130 projects across 17 key cities in Visayas and Mindanao.

After cementing its leadership in Visayas and Mindanao, CLI is now gearing up for expansion in Luzon.