Property firm Italpinas Development Corp. (IDC) received a strategic investment of P188 million from businessman Benjamin Tan Co. This investment will allow IDC to expand its operations into new prime areas across the country. Co purchased 15 percent of IDC's primary shares at a price of P1.99 each, representing a 43.1 percent premium to the stock's Friday closing price.
Property firm Italpinas Development Corp. received a strategic investment from businessman Benjamin Tan Co , a move that will enable it to fast track its plan to venture in other prime areas in the country.
“I believe that this synergy between the two groups will allow IDC to unlock its full potential in becoming the leading developer of sustainable properties in the country,” IDC president Jose Leviste III said. He and his family also control a broad portfolio of land holdings throughout the Philippines, including Palawan, Cavite, Boracay, Pampanga, Quezon Province and Quezon City.
IDC obtained shareholders’ approval in 2022 to sell up to 20 percent of its primary new shares to an incoming investor.
IDC Italpinas Development Corp. Benjamin Tan Co Investment Expansion
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