IDC forms unit for Mindanao

ITALPINAS Development Corp. (IDC) will establish a new subsidiary in Mindanao in an effort to boost its operations in the area.

In a disclosure to the stock exchange on Tuesday, the listed property developer said its board of directors has approved the creation of a new wholly owned unit. It has delegated the determination of the terms of the new firm to the company’s management.

“The company intends to set up a subsidiary in relation to operations in Mindanao, in order to streamline operations in that region,” the company said.

IDC is currently constructing a high-rise, eco-friendly building in Cagayan de Oro called Primavera City. The project consists of four phases, namely Citta Verde, Citta Bella, Citta Grande, and Citta Alta, according to its website.

Its other project is located in Sto. Tomas, Batangas called Miramonti, which is also a mixed-use and ecofriendly development.

Earlier this month, IDC said it looks to raise P650 million from the issuance of 43.33 million preferred shares to the public at 15 each. This forms part of the company’s plan to spend P2-3 billion this year to finance its expansion in the country.

Incorporated in 2009, IDC is listed on the small, medium, and emerging board of the stock exchange.

IDC’s net income attributable to the parent almost doubled to P9.26 million in the first quarter of 2019, versus the P4.22 million it posted in the same period a year ago. This came after a 47% uptick in gross revenues to P107.55 million.

Shares in IDC fell 1.41% or seven centavos to close at P4.90 each at the stock exchange on Tuesday. —