THE Philippine Stock Exchange Inc. (PSE) on Wednesday approved the listing by Cebu Landmasters Inc. (CLI) of up to P5.0 billion worth of Series A preferred shares to be issued in two subseries.

This was in relation to CLI's planned follow-on public offering (FOO) of an initial 3.0 million Series A preferred shares, with an oversubscription option of up to 2.0 million shares, at a price of P1,000 each. The shares will be issued as Series A-1 and Series A-2.

"[The] approval only relates to CLI's conduct of the FOO and listing of... shares and is subject to the company's compliance with any and all of the post-approval conditions and requirements of the [PSE], the Securities and Exchange Commission (SEC), and other relevant regulatory bodies," the bourse noted.

"The same is without prejudice to any subsequent action that the exchange may take in relation to the company's compliance with applicable rules of the exchange," it added.

Based on a preliminary prospectus dated March 12, the SEC, which earlier cleared CLI's planned public offering, is expected to issue the permit to sell on March 18.

The offer period will then run from March 19 to April 2, while the issuance and listing of shares on the PSE's main board are scheduled for April 12.

Net proceeds from the issuance will be used to partially finance the company's project development, capital expenditures in various projects, and other general corporate purposes.

CLI has tapped BPI Capital Corp., China Bank Capital Corp., PNB Capital and Investment Corp., and RCBC Capital Corp. to be the offer's joint lead underwriters and joint bookrunners, with BPI Capital and China Bank Capital also acting as joint issue managers.

The company's board in January gave the go-ahead for the planned share sale. The move was then ratified by shareholders representing 76.3 percent of CLI's outstanding capital stock during a meeting last month.

CLI's share price closed up by a centavo, or 0.35 percent, to P2.83.