LISTED reasonably priced housing developer Haus Talk, Inc. has reworked the allocation of proceeds from its P1.8-billion bond issuance because it adjusts its land acquisition priorities to support expansion projects in Southern Luzon.
In a stock exchange filing on Monday, the corporate said its board approved changes to the portion of proceeds earmarked for land banking activities from its fixed-rate bonds listed on the Philippine Dealing & Exchange Corp.
Haus Talk earlier said proceeds from the issuance would fund expansion projects in Luzon, including land acquisitions, project development and general corporate requirements because it expands its residential portfolio.
The revised allocation kept the whole P970-million budget for land banking across Sto. Tomas and Lipa in Batangas, Calamba in Laguna and Malvar in Batangas, but redistributed the amounts among the many locations.
Under the updated plan, Malvar, Batangas received the most important allocation at 36% or P353.95 million despite previously having no allocation.
Sto. Tomas was reduced to 32% or P310.4 million from 35%, while Lipa was cut to 32% or P305.65 million from 45%.
Calamba was faraway from the revised allocation after originally accounting for 20% or P194 million of the proceeds.
“Out of the whole gross proceeds of P1.8 billion from the bond offer, the quantity allocated for the land banking activities totaled P970 million… to optimize capital efficiency and align with the corporation’s updated strategic priorities,” the corporate said.
Haus Talk said the ultimate allocation and use of proceeds could still change depending on the consequence of technical, legal and financial due diligence.
The corporate develops reasonably priced horizontal and vertical residential projects in Metro Manila, Rizal, Laguna and Cavite.
Shares of Haus Talk rose 2.92% to P1.41 each on the Philippine Stock Exchange. — Alexandria Grace C. Magno