Property firm Empire East Land Holdings Inc. starts its one-for-three stock rights offering on Monday to raise P2.7 billion to bankroll new projects and land acquisitions.

According to its prospectus filed with the Philippine Stock Exchange, Empire East’s offer period will be Jan. 7-11 and the listing date, Jan. 21.

Empire East is offering up to 2.72 billion shares at P1 each. Each stockholder is entitled to subscribe one share for every three common shares held as of Dec. 20.

Empire East said it planned to spend P1 billion of the proceeds for new projects, including P650 million for Pioneer Woodlands, a nine-cluster residential condominium complex with 3,199 units on a 1.2-hectare property at the corner of Pioneer Avenue and the EDSA highway in Mandaluyong City.

Empire East said it would spending P350 million for Little Baguio Terraces, a six-tower condominium complex 1,886 units at the boundary of Quezon City and San Juan.

It added it would use P900 million to acquire strategic properties in Metro Manila and the Calabarzon area for land banking, and P800 million to prepay certain high-interest loans in the first half of this year.

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