The Securities and Exchange Commission (SEC) has cleared modifications to Arthaland Corporation’s upcoming preferred share issuance, lowering the maximum target capital while lengthening the subscription window for potential buyers.
According to a filing submitted to the Philippine Stock Exchange (PSE), the SEC en banc sanctioned a reduction in the transaction’s overall size to ₱2.5 billion, down from the initial ₱3 billion limit.
The updated structure permits the sustainable developer to issue three million preferred shares priced at ₱500 apiece, alongside an option to sell up to two million additional shares to handle excess demand. The previous terms provided for a base offer of four million shares with a matching two-million-share oversubscription allowance at the same offer price.
Investors will also gain extra time to participate, as the offer period now runs from September 14 through September 25, 2026, extending past the original September 18 cutoff. Consequently, the listing on the local bourse has been rescheduled to October 2, moving back from the previous September 28 target.
Capital raised from the issue is designated to fund ongoing project completions, refinance maturing Series D preferred shares, and support general corporate operations. BDO Capital & Investment Corporation is leading the arrangement as sole issue manager, lead underwriter, and lead bookrunner.
The approval follows solid operational performance for the real estate firm in the first half of the year. Net income edged up two percent to ₱245.5 million from ₱240.1 million recorded in the comparative period last year.
Consolidated revenues grew nine percent to ₱2.4 billion, driven largely by residential sales at Sevina Park UNA Apartments and Villas.
Additionally, Arthaland logged a 42 percent surge in net gains from fair value adjustments on investment properties. The jump was spurred by asset revaluations—notably the shift of Cebu Exchange units from real estate inventories to investment properties—as well as updated third-party appraisal values.
However, these gains were partially tempered by a 31 percent escalation in financing costs, which rose to ₱897 million amid expanded borrowing and elevated interest rates.