Capitalists And Money

Arthaland raises P3B from share offering

REAL ESTATE developer Arthaland Corp. raised P3 billion from its Series D preferred share offering, according to the Philippine Stock Exchange, Inc. (PSE) said in a statement on Friday.

Arthaland will use the funds raised from the follow-on offering to redeem the Series B preferred shares (ALCPB) issued by the listed developer in 2016, the PSE added.

“Proceeds from the ALCPB share sale was utilized by Arthaland for acquisition and development of real estate projects, repayment of loans, and general corporate purposes,” it said.

PSE President and Chief Executive Officer Ramon S. Monzon said the follow-on offering of Arthaland was more than 1.5 times oversubscribed, signifying the warm reception by investors.

“This comes as no surprise as more and more investors integrate sustainability into their investing criteria,” Mr. Monzon said.

“Arthaland is recognized as the only domestic property company with developments that are 100% certified as sustainable and has been recognized here and abroad many times over, for its green building advocacy, clearly placing the company on the sweet spot of Environmental, Social, and Governance (ESG) investing,” he added.

On Friday, shares of Arthaland at the local bourse climbed 1.61% or one centavo to end at 63 centavos apiece. — Revin Mikhael D. Ochave