Thursday, June 5, 2014
The Philippine Rating Services Corp (PhilRatings) gave Cebu Holdings Inc (CHI) a AAA rating for their planned P5 billion bond issuance.
The debt papers are subject to registration with the Securities and Exchange Commission and will be listed in the Philippine Dealing and Exchange Corp, with a tenor of around eight years. They will be sold through a general public offering and proceeds are intended to help fund future CHI projects.
Future projects include a redevelopment project at Cebu Information-Technology Park, and mixed-use centers in Mandaue and Mactan. Their future residential projects include 1 016 Residences, Avida Towers in Cebu and Avida Tower Riala. CHI also owns and manages the Cebu Business Park, a 50 hectare business and commercial subdivision in Cebu City.
CHI is also an affiliate of Ayala Land Inc.
CHI has seen net revenues of P2.169 billion in 2013, a 33 percent growth from its 2012 figures.