ITALPINAS Development Corp. (IDC) on Thursday said its board of directors gave the go signal for the issuance of up to P650 million worth of preferred shares.
The listed property developer disclosed that its board of directors has approved the issuance of up to P500,000,010 worth of preferred shares, with an over allotment option of up to P150 million. The preferred shares are priced at P15 each.
“The Board further delegated to management the determination of the manner, terms, and condition of the issuance of the preferred shares,” the company said.
The company earlier said that it plans to spend P2 to 3 billion to expand two projects next year, namely Primavera City in Cagayan de Oro, Misamis Oriental, and Miramonti in Sto. Tomas, Batangas.
The capital spending will be funded through the issuance of preferred shares and through bank loans for the remaining balance.
IDC’s attributable profit jumped 45% to P33.19 million in the first nine months of 2018, as gross revenues doubled to P373.02 million in the same period.
Shares in IDC jumped 9.57% or 45 centavos to close at P5.15 each at the stock exchange on Thursday. — Arra B. Francia
