PROPERTY developer Cebu Landmasters Inc.'s (CLI) board of directors has approved the declaration of cash dividends on its Series A-1 and A-2 preferred shares for 2024.

In a filing on Friday, CLI said it would pay P18.9625 per share for its Series A-1 preferred shares and P20.625 per share for its Series A-2 preferred shares based on an approved schedule.

Approximately P84.85 million will be paid on July 12 and the same amount again on Oct. 12, 2024, to preferred stockholders on record as of July 2 and Oct. 2, 2024.

This would mean a total dividend payment of around P169.7 million on CLI's more than 4.28 million preferred shares or about 2.063 million Series A-1 and around 2.17 million Series A-2 preferred shares.

"[D]uring its special board meeting held on June 14, 2024, the board of directors of Cebu Landmasters, Inc. approved the declaration of cash dividends on CLI's Series A-1 and A-2 preferred shares for the year 2024 and consistent with the terms of their issuance," the company said.

"Dividends will be payable on July 12, October 12, January 12, and April 12 of each year."

Last month, CLI paid a cash dividend of P0.03 per share on its approximately 3.46 million common shares, or a total payment of nearly P104 million, also sourced from unrestricted retained earnings.

CLI recently opened its first hotel outside Cebu City and its fourth in the country, the P2-billion Citadines Bacolod. The company is also set to inaugurate two more developments this year.

CLI shares closed up 5 centavos, or 1.95 percent, at P2.62 apiece on Friday.