Italpinas plans 1-to-10 stock split

Italpinas Development Corporation (IDC), Cagayan de Oro City’s first green builder, is undertaking a stock split by decreasing the par value of its shares to increase its liquidity in the market.

In a disclosure to the Philippine Stock Exchange, the firm said its Board of Directors has approved the plan to decrease the par value of its shares from R0.50 to R0.05 and amend its Articles of Incorporation to effect such change.

IDC said the stock split is being undertaken “in order to increase the number of shares of the Company and create liquidity of IDC shares, giving its investors more opportunity to trade in the open market.”

The firm’s authorized capital currently consists of 655.99 million common shares with a par value of R0.50 and 100 million preferred shares also with a par value of fifty centavos (R0.50).

Once the amendment is approved, IDC’s authorized capital will become 6.56 billion common shares with a par value of R0.05 and one billion preferred shares also with a par value of R0.05.

IDC is starting to expand out of Mindanao with the coming launch of the

billion Miramonti in Sto. Tomas, Batangas.

In a statement, IDC said it will bring to Batangas its experience in developments that are responsive both to the local climate and to the call of the environment.

Aside from Miramonti in Batangas, IDC is also eyeing other emerging cities such as Dumaguete, Davao, Mindoro, Pangasinan and Subic/Bataan as locations for its future projects.

IDC is now preparing to launch the first phase of the project with an estimated budget of R780 million and project revenues of R1.4 billion.

“We already have secured permits and other documents. We are now awaiting only the License to Sell (LTS) before launching the Miramonti project,” said IDC Chairman Romolo Nati.

The Miramonti project will consist of three towers and will be developed in two phases. The first phase, which comprises one tower sitting atop of a podium structure, will sit over a 2,057 sqm. land area.

It will offer 352 residential, 14 commercial, and 88 parking units, combined with first- class amenities, such as fitness center, swimming pool, playground, among others. (JAL)