Real estate executive Januario Jesus Atencio III is stepping down as president of mass housing developer 8990 Holdings Inc. by the end of 2017, after 13 years at the helm of the company.
Atencio made the announcement during the annual stockholders’ meeting of the company at Metropolitan Club in Makati City, saying he planned to pursue other ventures.
Atencio, who will be turning 56 years old in January 2018, will stay as a director of the company.
“As early as two years ago, I started telling everyone, my partners, relatives, family of my intention to retire at 55. Next year, I would be celebrating 25 years in the housing industry. Realizing that I am at the homestretch of my life and wanting to do something else, my partners and the board have agreed with my wish to retire on Dec. 31 this year,” Atencio said.
The company is set to announce Atencio’s replacement in December. It plans to give 8990 Holdings chief operating officer Willibaldo Uy a more active role in the company’s day-to-day operations.
Atencio, who holds a Psychology degree from Ateneo de Manila University, has been responsible for 8990 Holdings’ significant growth over the past 13 years and the successful listing of the company with the Philippine Stock Exchange.
The mass housing developer targets a net income of P5.4 billion and revenues of P10 billion in 2017.
Meanwhile, 8990 Holdings said filed with the Securities and Exchange Commission a registration statement for the planned issuance of 100 million preferred shares.
Under the plan, 8990 will initially issue 50 million worth of preferred shares which is estimated to raise up to P5 billion in proceeds. The remaining 50 million shares will be placed under shelf registration to be issued over the next three years.
The company tapped ChinaBank Capital Corp. as the lead underwriter for the offering. The company targets to issue the preferred shares in the third quarter of the year.
Proceeds from the fund raising activity will be used to finance the company’s capital expenditures. Share price of 8990 Holdings dropped 0.7 percent to P5.85 Monday.