LAND to suspend share trading ahead of merger with Cityland

CITY & Land Developers, Inc. (LAND) said its board has approved the voluntary suspension of trading of its shares starting May 4 after securing regulatory approval for its merger with Cityland Development Corp. (CDC).

In a disclosure on Monday, the company said the Securities and Exchange Commission (SEC) approved the plan of merger on April 29, with CDC as the surviving entity. The certificate confirming the filing of the merger documents was issued on April 30.

Under the merger, CDC will absorb all of LAND’s assets, liabilities, rights, privileges, and ongoing projects. The transaction is scheduled to take effect on July 1, 2026.

CDC will issue 1.39 billion primary common shares to LAND shareholders as consideration for the merger, with one LAND share equivalent to 0.88 CDC share.

“CDC shall acquire all issued and outstanding shares held by LAND’s stockholders, and in exchange for their shares, such stockholders shall be issued 0.88 CDC common shares for every LAND common share,” the disclosure read.

CDC earlier said the merger aims to streamline operations, eliminate overlapping functions, and generate cost efficiencies.

Both companies are engaged in property development, with projects spanning residential, office, commercial, institutional, and industrial uses.

CDC’s developments include the 50-story CityNorth Tower condominium in Quezon City and the 24-story Pioneer Heights 1 in Mandaluyong City.

LAND’s projects include the 40-story One Hidalgo condominium in Malate and the 40-story One Taft Residences along Taft Avenue.

At the stock exchange on Monday, CDC shares rose 1.82% to P0.56 each, while LAND shares last traded on April 30 at P0.485 apiece. — Alexandria Grace C. Magno