Connect with us

Hi, what are you looking for?

Economy

Italpinas hikes capital stock

Real estate developer Italpinas Development Corp. (IDC) on Friday said it increased capital stock to P700 million from P378 million to fund potential business opportunities.

“The proposed amendment to increase the authorized capital stock will provide IDC more flexibility for any potential business opportunities in the future that would need sufficient authorized and unissued shares that can be issued promptly,” the company said in a disclosure.

Stockholders approved the proposal on a Jan. 22 meeting.

The firm also approved the declaration of stock dividends of P100 million up to P230 million in favor of all stockholders on record, proportional to their shareholdings.

IDC posted a 28% increase in net income to P46.74 million as of the third quarter last year, generating revenue largely through two ongoing residential projects.

The company last month signed a deal to get a P250 million new term loan with the Development Bank of the Philippines to imprvoe its operating capital.

The Citta Verde twin towers of IDC’s Primavera City in Cagayan de Oro City will be ready for occupancy in the first quarter of 2021, while the Citta Bella will be completed in the second quarter of 2022.

Shares in Italpinas on Friday closed at P2.96 apiece, up 2.78% or eight centavos. —Jenina P. Ibañez

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Pag-IBIG Fund has financed 5,411 socialized homes for minimum-wage and low-income members in the first four months of 2022, its top executives said today....

Economy

SRI LANKA’s impending default on $12.6 billion of overseas bonds is flashing a warning sign to investors in other developing nations that surging inflation...

Economy

A WOMAN observes a period calendar tracker app on her mobile phone at her home in Madrid, Spain, May 16. — REUTERS MADRID —...

Economy

WASHINGTON — The US Justice Department on Tuesday sued Steve Wynn, the former CEO of Wynn Resorts, to compel him to register as an...

Economy

WASHINGTON/SEOUL — Despite battling a wave of suspected coronavirus disease 2019 (COVID-19) infections, North Korea appears to be preparing to test an intercontinental ballistic...

Economy

IN MANY PARTS of the world, inflation is climbing quickly, including in the US, where I live and where inflation is now north of...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.