Cebu Landmasters, Inc.(CLI) has increased its stake in Ming-Mori Development Corporation (MMDC) from 20 to 80
percent via acquisition of shares from other MMDC shareholders. The transaction was approved by CLI’s board of directors during its regular meeting last 19 August 2021.
On August 20, 2021, the payment for the acquisition of the additional 60 percent of MMDC worth Php 159,499,500.00 representing 6,379,980 shares were executed immediately. CebuLandmasters, Inc. gives its full commitment to this significant undertaking by increasing its’ ownership to 80 percent.
Cebu Landmasters, Inc. gives its full commitment and financial backing to this significant undertaking by increasing its ownership to 80 percent. The Php 20 billion Ming-Mori Techno Business Park will be CLI’s third large-scale estate project following its townships in Davao City and Cagayan de Oro. Ming-Mori Development Corporation is a 100-hectare reclamation project in Minglanilia, Cebu.
The project is master planned by world-renowned Surbana Jurong of Singapore, and will be designed as a Tech and Business Park for light manufacturing and technology-drivenindustries. It is expected to generate thousands of jobs as well as boost the revenues of the local government and nearby areas. The light industrial zones will also have nearby residential and commercial areas with provisions for schools, churches, and commercial areas. CLI envisions a thriving waterfront community with businesses, lifestyles, and industries all benefiting from one another as more reclaimed areas become available.
The Philippine Reclamation Authority (PRA), which coordinates and administers reclamation projects nationwide, granted
MMDC project approval in June of this year. 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 to start the
excavation works before the year ends.