Italpinas mulls sale of preferred shares
MANILA, Philippines – Listed greenbuilder Italpinas Development Corp. (IDC) is eyeing a preferred share offering this year to raise funds for future landbanking initiatives.
In a briefing Tuesday, IDC chairman and CEO Romolo Valentino Nati said the preferred share issuance would likely take place between June and August this year.
IDC’s board of directors has approved the reclassification of up to 100 million unissued common shares to preferred shares.
Nati did not disclose the exact amount to be raised from the offering, but noted it would be “below a billion pesos.”
“The proceeds will be for landbanking for working capital, business development and acquisitions,” Nati said.
“We don’t have the financial capability to do landbanking for several years. We buy and we develop,” he said.
At present, the company has two projects in Cagayan de Oro. These include the completed Primavera Residences and the ongoing Primavera City. It is also set to launch a project in Sto. Tomas Batangas later this year called Miramonti.
The property firm is also looking at Pangasinan, Subic, Bataan, Mindoro, Dumaguete and Davao as sites for future expansion.
He said IDC is also considering venturing into horizontal development.
“We are in negotiations for two properties, one in the north, one in the Visayas and the properties are several hectares,” Nati said
“The idea is to create a mixed-use development like a micro-township with several different components,” he added.