Cityland gets SEC nod to issue P1.5B commercial papers

Condominium developer Cityland Development Corp. has secured the approval of the Securities and Exchange Commission (SEC) to raise P1.5 billion from the issuance of short-term commercial papers.

The SEC, in its meeting held last Oct. 18, favorably considered Cityland’s registration of P1.5 billion worth of commercial papers.

Cityland said proceeds would be used to support the company’s funding requirements.

Among Cityland’s ongoing projects include Pioneer Heights 1, a 24-storey office, commercial and residential condominium in Mandaluyong City which is expected to be completed in December 2023, and 101 Xavierville, a 40-storey commercial and residential condominium in Quezon City targeted for completion by February 2024.

Cityland ans subsidiary City & Land Developers Inc. have a number of prime lots reserved for future projects. Their land bank is situated in strategic locations ideal for horizontal and vertical developments.

Putin ally joins tech giant Yandex

A long-time ally of President Vladimir Putin, Alexei Kudrin, said Monday he will be joining Yandex as the Kremlin seeks to tighten its grip on Russia’s top technology giant.