Niche property developer Italpinas Development Corp. plans to raise as much as P650 million from the issuance of preferred shares.
IDC said in a disclosure to the stock exchange it approved the offering of up to 33.333 million preferred shares with an over allotment of 10 million preferred shares at a price of P15 apiece.
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IDC will offer the shares from the company’s unissued capital stock.
Other terms and conditions of the offering, including the timetable and features of the preferred shares, will shortly be finalized by the company and underwriter Unicapital Inc.
The offering is subject to the registration requirements of the Securities and Exchange Commission and the Philippine Stock Exchange.
