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Torre Lorenzo Development Corp. continues to develop communities that aim to upgrade the lifestyles of the emerging affluent.
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Torre Lorenzo Eyes Initial Public Offering by 2022

MANILA -- Torre Lorenzo Development Corp. (TLDC) has set its sights on listing  30 percent of its business in the Philippine Stock Exchange (PSE) by  2022, its chief financial officer Emmanuel Rapadas told reporters.

Rapadas said this is part of the company’s plan to grow its business.

“We’re  borrowing money to build projects. So, via the IPO (initial public  offerings) we hope to eliminate majority of our debts. Proceeds of the IPO will be used to pay off our debts,” he said.

He added that  with the liquidity in the local market in past years, companies have  been emboldened to borrow money for their expansion program.

“For a  very long time, we have a very liquid system. A lot of money is in the  system. Many of the businessmen used that to spur their growth, and we’re no exception,” he said.

Rapadas noted that TLDC’s debt is still below the normal threshold of PHP3 of debt per PHP1 equity.

He  said TLDC has also diversified from building premium university  residences to the leisure market as it forged a partnership with Dusit International and Dusit Thani Philippines, Inc. to develop hotels  carrying the international brand.

TLDC and the Dusit Thani Group  are partnering for Dusit D2, Dusit Thani Residences, and Dusit Beach  Club in Davao and Dusit Princess Hotel in Lipa, Batangas.

Rapadas  mentioned that TLDC has completed six projects and is working on nine  others. It is expected to launch two more projects in the near-term. (PNA)

Article Source: Philippine News Agency

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