STA. LUCIA Land, Inc. said on Thursday that its board had approved taking out a P5-billion loan from institutional lenders while authorizing joint ventures to develop 11 projects, including two in Mindanao.
In a disclosure to the stock exchange, the property developer also said its board of directors had authorized the acquisition of a parcel of land in Batangas at 23,770 square meters (sq.m.) and in Bulacan at 16,349 sq.m.
The special board meeting held on Nov. 29 identified the 11 areas — seven in Luzon, two in the Visayas, and two in Mindanao. Of the planned joint ventures, the biggest is in Negros Occidental at 618,710 sq.m. followed by 578,254 sq.m. in Iloilo.
Of the seven areas for development in Luzon, the biggest is in Batangas at 352,323 sq.m. followed by Pangasinan at 135,617 sq.m. and Laguna at 131,163 sq.m. The smallest is in Quezon City at 2,538 sq.m.
In Mindanao, Sta. Lucia Land is planning joint ventures in Surigao del Norte with a total area of 115,293 sq.m. and in South Cotabato with an area of 91,889 sq.m.
The company said the resolution approving the authority to enter into an unsecured syndicated term loan facility agreement with primary institutional lenders is up to P5 billion.
It named Rizal Commercial Banking Corp.’s trust group as the facility agency, separate from China Banking Corp., from which the company plans to obtain a short-term loan facility. Sta. Lucia Land’s board also authorized transactions with AP Securities, Inc. and Maybank Securities, Inc.
In the same meeting, the board also authorized the company to distribute its unrestricted retained earnings for a total P331.86 million via cash dividends to stockholders of record as of Dec. 16, 2022. The dividends at P0.04 per share are for distribution not later than Dec. 27, 2022.
On Thursday, shares in the company closed unchanged at P3.10 each.