8990 CEO acquires stake in Italpinas, joins board

BUSINESSWORLD, March 8, 2017

ITALPINAS Development Corp. has appointed the president and chief executive officer of fellow property developer 8990 Holdings, Inc. to its board of directors.

In a statement issued on Tuesday, the property developer said Januario Jesus B. Atencio III joined its board on March 1.

Mr. Atencio has acquired 10,000 of the 221,618,800 outstanding common shares of Italpinas when he became a regular member of the company’s board.

Asked for more details on the acquisition and plans to eventually expand his shareholding in Italpinas, Mr. Atencio said in a mobile phone message: “I acquired it recently. And yes, there are plans to increase.”

Italpinas was incorporated as Italpinas Euroasian Design and Development Corp. in January 2009. It adopted its present name in July 2015 and debuted on the equities market with an initial public offering amounting to P207.44 million later that year. It is listed on the small, medium and emerging board of the Philippine Stock Exchange.

The property developer launched its first project Primavera Residences Tower A&B, a mixed-use residential condominium in Cagayan de Oro City, in 2010. It would focus on developing green buildings to set itself apart in the real estate market.

“I was invited by the owners of IDC to become a director because they felt I could contribute positively by giving housing advice,” Mr. Atencio noted.

“I accepted because, knowing the owners, Romolo Nati and Jose ‘Jojo’ D. Leviste III, together with his dad Joey, they’re great people with a sincere desire to be the best with what they’re doing. I’m just happy to help out in my own little way.”

Mr. Atencio currently serves as the president and CEO of mass housing developer 8990 Holdings and its 11 other real estate Subsidiaries.

Mr. Atencio also founded the Center for Housing Advocacy and Independent Research Synergies; became the private-sector representative of the Housing and Urban Development Coordinating Council from 2011 to 2016, among others.

“We welcomed his appointment due to the depth of his experience,” Italpinas Compliance Manager Michelle Marie U. Zuñiga noted in a mobile phone message.