Real estate developer Italpinas Development Corp. (IDC) on Friday said it increased capital stock to P700 million from P378 million to fund potential business opportunities.
“The proposed amendment to increase the authorized capital stock will provide IDC more flexibility for any potential business opportunities in the future that would need sufficient authorized and unissued shares that can be issued promptly,” the company said in a disclosure.
Stockholders approved the proposal on a Jan. 22 meeting.
The firm also approved the declaration of stock dividends of P100 million up to P230 million in favor of all stockholders on record, proportional to their shareholdings.
IDC posted a 28% increase in net income to P46.74 million as of the third quarter last year, generating revenue largely through two ongoing residential projects.
The company last month signed a deal to get a P250 million new term loan with the Development Bank of the Philippines to imprvoe its operating capital.
The Citta Verde twin towers of IDC’s Primavera City in Cagayan de Oro City will be ready for occupancy in the first quarter of 2021, while the Citta Bella will be completed in the second quarter of 2022.
Shares in Italpinas on Friday closed at P2.96 apiece, up 2.78% or eight centavos. —Jenina P. Ibañez