Italpinas firms up P500M preferred share offering
Boutique property firm Italpinas Development Corp. plans to issue up to 33.33 million preferred shares to beef up its land bank and fund its projects.
In a regulatory filing, Italpinas said the shares include an over-allotment of 10 million preferred shares from its unissued authorized capital.
The shares will be sold at a maximum price of P15 each subject to other terms and conditions that may be mutually agreed upon by the company and its underwriter.
Italpinas earlier said it was spending up to P3 billion this year to expand its residential projects in Batangas and Cagayan de Oro.
Proceeds from the planned offering will also be used to acquire more land and develop more projects in strategic areas.