Listed property developer Sta. Lucia Land Inc. (SLI) is unlikely to hold its proposed $150-million follow-on share sale this year given continued uncertainties in the equities market in the Philippines and abroad.

David de la Cruz, SLI senior vice president for corporate finance, said the company would instead tap bank lines to finance its ongoing financing requirements.

“It is not likely that we will not hold the [share sale] this year. The markets are still very volatile,” de la Cruz said in a phone interview last week. The SLI executive said the developer would utilize its balance sheet to finance projects.

He said SLI’s debt options include a P3-billion credit line with Banco de Oro Unibank Inc. and about P800 million with China Banking Corp.

De la Cruz was not immediately able to comment on how SLI would meet the 10-percent minimum public float requirement of the Philippine Stock Exchange as the November 30 deadline draws near. PSE data shows that SLI has a free-float level of 5.3 percent, including it among the 40 listed firms that have yet to meet this requirement.

Failure to meet the rule would mean the imposition of higher monetary penalties and eventual delisting from the bourse, the PSE said earlier.

Meanwhile, SLI has made little progress in its plans to expand into office space leasing to capture a slice of the country’s robust business-process outsourcing sector.

De la Cruz said talks are ongoing with potential BPO companies, although a final deal has yet to be signed.

SLI earlier reported that consolidated revenues, with close to 70 percent coming from real-estate sales, rose 51 percent to P735 million in the six months to June. Net income saw a disproportionate rise of 462 percent to P299 million due to a boost in investment income gains and cost management efforts.

SLI shares added 1.23 percent to P0.82 each on Friday’s close. --Miguel R. Camus