ITALPINAS Development Corp. has raised P188 million in fresh capital via a private placement of shares equivalent to 15 percent of the company to strategic investor Benjamin Tan Co.
Romolo Nati, IDC chairman and CEO, said that as early as 2022, Italpinas ' stockholders had already approved a private placement of up to 20 percent of primary new shares in the company.'It has taken us over two years to find the ideal strategic investor,' Nati said, adding that 'a key decision such as this demands that we decide carefully and deliberately.'Finalized last Friday, IDC said the private placement was priced at P1.
IDC said that it intended to expand in new locations in the country, develop assets in the tourism and hospitality market, and follow through with a partnership with the Ascott group that was finalized in August last year.'The Philippine economy has a bright and dynamic future, and this includes real estate, especially in areas outside Metro Manila that are still relatively underserved,' Co said.'With a track record of 15 years in the industry ...
Raises P188M From Strategic Investor
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Businessman Injects P188 Million into Italpinas Development Corp. for ExpansionProperty 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.
Read more »
Global AI Council Philippines partners with National Development Company to boost AI innovation in PHLManila, Philippines — October, 2024 — The Global AI Council Philippines (Global AI PH) and the National Development Company (NDC) formally launched a strategic partnership by signing a Memorandum of Understanding (MOU) at the NDC office in Makati City.
Read more »
What remote work can do for global developmentLONDON — A revolutionary opportunity for human development and economic growth has been emerging over the past 30 years. Modern information technology has the potential to enable large-scale remote work anywhere on the planet and also to help countries gradually create entire technology sectors and ecosystems.
Read more »
Persistent obstacles to RE development must be addressedPersistent obstacles to RE development must be addressed
Read more »
Marcos to revisit Bicol River Basin Development Program after Kristine's onslaughtLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
Laguindingan Airport development to boost tourism, generate jobs — MarcosLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »