CEBU Landmasters Inc. (CLI) on Monday, Aug. 23, 2021, said it has completed the acquisition of additional shares that increased its stake in the company undertaking the reclamation project in Minglanilla town.
In a statement, CLI said its stake in Ming-Mori Development Corp. (MMDC), the developer of the 100-hectare reclamation and technohub project in Minglanilla, increased to 80 percent from 20 percent.
This is expected to streamline CLI’s operations as the developer and project manager of the Minglanilla Techno Business Park (Ming-Mori).
“By increasing our ownership in Ming-Mori Development Corp. to 80 percent, CLI is giving its full commitment to this significant undertaking which has wide-ranging benefits for Minglanilla and the southern growth corridor of Cebu,” said Jose Soberano III, chairman and CEO of CLI. He also serves as chairman of MMDC.
MMDC obtained project approval from the Philippine Reclamation Authority (PRA), which coordinates and administers reclamation projects nationwide, in June 2021.
The approval was the culmination of a comprehensive and stringent five-year review. This included the issuance of an environmental compliance certificate, which required consultations with a wide range of stakeholders and the submission of development objectives showing its responsiveness to the environment.
CLI has submitted to the PRA detailed engineering designs and expects to receive PRA’s notice to proceed before the year ends.
The P20 billion Ming-Mori Techno Business Park will be CLI’s third large-scale township project following its townships in Davao City and Cagayan de Oro City.
Earlier this year, the company secured P3 billion in notes at competitive rates to fund early works for Ming-Mori in the fourth quarter of 2021.
CLI also strengthened its capital base by declaring 123 percent stock dividends to shareholders on record as of June 18, which was paid out last July 14. This prepares CLI for capital raising in the future.
The Ming-Mori estate is expected to generate thousands of jobs as well as boost the revenues of the local government and nearby areas.
“We foresee that Ming-Mori will transform this area of Cebu into a dynamic economic zone,” Soberano said.
“In fact, as early as now, we already have big companies as interested locators. And to ensure viability over the long term, Ming-Mori’s master plan draws a balance between an urban mixed-use development, light industrial land use and environmental stewardship,” he added.
The project will further reflect the learnings and successes of Singapore-based consulting firm Surbana Jurong Consultants from its projects in over 30 countries.
The reclaimed property is envisioned to host light industrial zones as well as residential areas, schools, churches and commercial areas. (from PR)