ITALPINAS Development Corp. (IDC) is receiving a new capital infusion worth P187.93 million.
The company said the infusion is from a private placement signed Friday between the company and Benjamin Tan Co, which the company described as “a prominent businessman and serial entrepreneur with a broad portfolio of interests throughout Philippine industry, including in petrochemicals, PVC resins and products, steel manufacturing, and others.”
“Mr. Co and his family and associates also control a broad portfolio of land holdings throughout the Philippines, including Palawan, Cavite, Boracay, Pampanga, Quezon Province, and Quezon City,” IDC said.
IDC originally secured approval for such a move in 2022 from stockholders. The approval was for up to 20 percent of primary new shares to an incoming investor.
“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. 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,” said Romolo Nati, IDC chairman.
The investment covers the purchase of 15 percent of IDC’s unissued shares priced at P1.99 per share.
IDC and Co already signed a co-development JV for a prime property in Puerto Princesa last June.
“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,” said Jojo Leviste, IDC president.
Nati said future collaboration between IDC and Co through his landbank shows IDC’s propensity for unearthing prime development spots in areas on the cusp of pronounced growth.
“From inception, IDC has focused on being an early mover in emerging locations, foreseeing the current shift in real estate focus from Metro Manila to peripheral areas, which has been a major point of alignment between the company and Mr. Co. Going forward, IDC intends to expand in multiple new locations throughout the country,” he said. Nati said the company also intends to develop assets in the tourism and hospitality market, following through from a partnership signed with the Ascott group last year.
