Green building developer Italpinas Development Corp. plans to issue preferred shares that can raise up to P1 billion in proceeds to finance landbanking activities and pay debt.
Italpinas chairman and chief executive Romulo Nati said in a news briefing the company aimed to issue the preferred shares between June and August this year.
The board of Italpinas approved the reclassification of 100 million unissued common shares into 100 million preferred shares in preparation for the planned equity raising program.
The reclassification of the shares will be subject to shareholders approval during the general meeting on May 31.
The board of Italpinas approved the increase in the company’s authorized capital stock to P377.9 million from P177.9 million and the declaration of 100 million stock dividends.
Meanwhile, Nati said the company planned to expand product offerings by venturing into horizontal developments and micro township developments.
Nati said the company was now in an advanced stage of negotiations to acquire two properties for micro township developments that would have various components including vertical and horizontal housing developments.
Italpinas will start pre-selling its mixed-use development projects in Sto. Tomas, Batangas called Miramonti.
Phase 1 of the project will offer 374 units mostly studio units costing less than P3 million each.
Miramonti was master planned as a “green” community of five mixed-use buildings with commercial, retail and residential components.
Italpinas is targeting employees working in the various industrial zones surrounding the property to unit buyers.