Italpinas reducing par value of shares of stock

BOUTIQUE property developer Italpinas Development Corp. is reducing the par value of its shares of stock.

The company said its board of directors last week has approved the reduction of the par value to P0.05 from the previous P0.50. This will increase its number of issued and outstanding shares to 2.21 billion from the previous 221.61 million shares.

“The company intends to decrease its par value from P.50 to P.05 in order to increase the number of shares of the company,” Italpinas said.

The move will require shareholders’ approval, the date of which the company still has yet to announce.

In October the boutique property developer of mostly “green” buildings said it is close to launching its first project in Santo Tomas town in Batangas after securing the necessary permits from the local government.

The company said it will start its P780-million project, called Miramonti, and expects to earn some P1.4 billion in project revenues.

“We already have secured permits and other documents. We are now awaiting only the license to sell before launching the Miramonti project,” Italpinas Chairman and CEO Romolo Nati said. “We chose Batangas because the place is booming. It is one of the most progressive provinces in the country. The strategic location of Santo Tomas is one thing also that attracted us. It is near to industrial parks and it has an amazing view in 360 degrees,” Nati added.

Miramonti is the company’s third project, after Primavera Residences and Primavera City in Uptown Cagayan de Oro.

“We are looking forward to serving Luzon for the first time. We have met with the brokers and they are excited, as well, to market the project,” Italpinas President Jose Leviste III said.

“Many people are looking for a place to live outside but near to Metro Manila. Santo Tomas and Miramonti are placed right at the hub of these expressways connecting to the Metro area. Accessibility is one of the project’s defining characteristics,” Leviste added.

The said project will consist of three towers and will be developed in two phases.