VisMin property developer Cebu Landmasters, Inc. (CLI), on its first 9 months being a publicly-listed company, recently announced in a board meeting the declaration of a regular cash dividend of P0.15 per share with a record date of March 23 and payment period on April 23.The board also approved a Php250 million buyback program that will cover a period of 24 months.
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| CLI’s Latitude Corporate Center in Cebu Business Park is targeted for completion by the last quarter of 2019, it will be home to corporate and business process outsourcing offices. |
CLI is expected to surpass its Php1.2 billion net income target in 2017. It had on-time completion record and exceptional reservation sales registering at P4.58 billion or 13.7% higher than its P4 billion target and a 55% increase vs. the 2016 value. The company generated Php960 million in attributable profit in the first nine months of 2017 or 77% higher than the 2016 figure. Revenues rose by 67%.
With this robust performance, CLI’s Board of Directors declared dividends for its shareholders but believes its stocks are undervalued.
CLI Chairman and CEO Jose Soberano III said: “Our growth has been exceptional and we have a strong pipeline of VisMin projects where real estate demand remains high. CLI is well positioned to deliver outstanding shareholder value.”
Companies pursue buyback programs when they perceive shares are trading significantly lower than their intrinsic value. On Friday, CLI share closed at P4.71 each, .86% higher than the previous close.
The buyback program is seen to benefit shareholders while building up treasury shares for the company’s Employee Stock Option Plan. “We are confident that offering stock options will allow us to retain and to attract the best talents,” Soberano said.
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