Close  

Italpinas prepares P650-M share offer

/ 03:59 AM October 22, 2019

Boutique property developer Italpinas Development Corp. (IDC) will pursue a plan to offer as much as P650 million in preferred shares within this year to boost its funds for landbanking and capital expenditures.

IDC is also working to sustain its historical trend of doubling net profit year after year, company chair Romolo Nati told a press briefing after the company’s stockholders meeting on Monday.

ADVERTISEMENT

In 2018, attributable net profit doubled to P120.56 million from P59.9 million the previous year.

Nati, an Italian architect who conceptualized and directed IDC’s designs, said the preferred shares would likely have a tenor of five years with convertibility feature kicking in on the third year based on a projected share price for the period. This will be IDC’s first time to issue such instruments.

FEATURED STORIES

Unicapital Inc., the same investment house that arranged the company’s initial public offering in 2015, was mandated to underwrite the offering of preferred shares. These preferred shares would be listed on the local stock exchange, Nati said.

“One good thing about preferred shares is it’s quite controlled and quite structured. Equity (offer) process would have been quite different,” said IDC president Jose Leviste III.

By selling preferred shares with a convertibility option, Nati said dilution of shares would be more limited because prices would have increased by then.

IDC introduced residential condominium development in Sto. Tomas, Batangas, with the launch of the 21-story Miramonti project. The company is now working to obtain approvals for a second phase.

In Cagayan de Oro, IDC has also sold more than 50 percent of the second phase of Citra Bella at Primavera City and is now accelerating efforts to launch phase three by next year.

ADVERTISEMENT
Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS:
For feedback, complaints, or inquiries, contact us.
entertainment

Carla Abellana rushed to hospital in Japan

November 14, 2019 11:27 AM

newsinfo

Demolition of structures on Boracay beach continues

November 14, 2019 11:13 AM

newsinfo

Customs seizes P4.4 M smuggled sugar

November 14, 2019 10:51 AM

newsinfo

4 ‘big-time’ pushers held in Quezon drug sting

November 14, 2019 10:32 AM



© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.