Property developer Italpinas Development Corp. filed an application with the Securities and Exchange Commission to sell 33.333 million preferred shares with an option for another 10 million shares at P15 apiece.
The fundraising activity will enable the property firm to raise as much as P650 million in proceeds if the over-allotment shares are exercised to fund expansion projects.
IDC said in a disclosure to the stock exchange the 33,333 million preferred shares and the 10 million over-allotment shares would come from the unissued authorized capital stock.
IDC earlier said proceeds from the planned preferred shares offering would be used to finance land acquisitions and working capital requirements.
The company is currently looking at sites in the Visayas and Luzon which could be developed into horizontal housing projects.
The company also said it was planning to spend P2 billion to 3 billion to expand two projects next year including Primavera City in Cagayan de Oro City and Miramonti in Sto. Tomas, Batangas.
Primavera City, the company’s first project, will be implemented in four phases. Phase 1 is comprised of Towers A and B and Podium C, which is the commercial area and the basement parking.
Tower A and Tower B sold 92 percent and 86 percent of their available units, respectively, as of end-March 2019.
Phase 1 is expected to be completed by the second quarter of 2019.
Meanwhile, Phase 2 of Primavera City will be launched in the second quarter.
IDC more than doubled its net income in the first quarter to P9.26 million from P4.21 million a year ago.