November 25, 2024 | 12:00am
MANILA, Philippines — Property developer Italpinas Development Corp. (IDC) is poised to accelerate its development of sustainable properties with a new strategic investor on board.
IDC last week signed an agreement for the entry of a strategic investor by way of private placement.
The company’s new investor-partner, Benjamin Tan Co, is a businessman with a broad portfolio of interests including petrochemicals, steel manufacturing as well as PVC resins and products, among others.
Co, his family and associates also control a portfolio of land holdings throughout the country, including Palawan, Cavite, Boracay, Pampanga, Quezon province and Quezon City.
Co purchased 15 percent of IDC’s primary shares priced at P1.99 per share, equivalent to P187.93 million.
“It has taken us over two years to find the ideal strategic investor. A key decision such as this demands that we decide carefully and deliberately,” IDC chairman and CEO Romolo Nati said.
IDC originally secured approval for such a move in 2022, when its stockholders at its annual shareholders meeting approved the transaction of up to 20 percent of primary new shares to an incoming investor.
“With his years of experience, and his prominence and reputation in the business community, Mr. Co will be a great partner to IDC as it continues to grow,” Nati said.
IDC and Co already signed a co-development joint venture for a prime property in Puerto Princesa last June.
“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. We welcome our new investor, Mr. Co, to IDC,” IDC president Jojo Leviste said.
IDC has focused on being an early mover in emerging locations.
The company uses passive and active green design strategy in developing high performance real estate properties in up-and-coming cities in the country with high growth potential.
Its first development project was the Primavera Residences located in the Pueblo de Oro Township in Cagayan de Oro City.
Going forward, the company intends to expand in multiple new locations throughout the country.
It also plans to develop assets in the tourism and hospitality market, following through from a partnership signed with the Ascott Group 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, its proven capabilities, outstanding Italian green architecture and full commitment to sustainable development, IDC is a perfect strategic partner for me to join and develop my property portfolio,” he said.
Be the first to comment