Mass housing developer 8990 Holdings Inc. plans to raise as much as P5 billion through the issuance of perpetual preferred shares next year.
“We plan to raise maximum of P5 billion from preferred shares and target execution date is second quarter of 2017,” 8990 Holding president Januario Jesus Atencio said in a text message.
8990 Holdings said in a disclosure to the stock exchange Tuesday its board approved in principle the offer and the issuance of non-voting, non-convertible, non-participating, redeemable and perpetual preferred shares.
The company is aiming for a net income of P4.8 billion and revenues of P12 billion in in 2016 despite the deferment in the launching of three projects due to delays in securing permits.
Atencio earlier said the company would only be able to launch 11 projects in 2016 instead of 14 as earlier projected after failing to secure permits to sell the projects.
Atencio, however, said shortfall from the delay in launching of the three projects might be covered by the robust sales from existing projects, including Deca Tower Edsa, which will be finished one year ahead of schedule.
The mass housing developer plans to launch five new projects in 2017, mostly in Metro Manila.
8990 starting next year expects 50 percent of revenues to come from Metro Manila projects and the other half from the provinces.
About 20 percent of 8990 Holdings’ current revenues are from Metro Manila projects while 80 percent are from outside Metro Manila.
Aside from launching condominium projects, 8990 Holdings plans to break ground in mall projects in Tondo and Ortigas Avenue Extension by next year.
The Tondo project will have 10,000 square meters of leasable area, while Ortigas Avenue Extension will have 30,000 square meters.
Both mall projects will be managed by 8990 Holdings.
The company also plans to launch house and lot projects in along Commonwealth Avenue in Quezon City and in Bacolod City.
