Listed firm IRC Properties Inc. is set to raise around P522 million through private placements or the sale of securities to select investors, the company said on Friday.
In a disclosure to the Philippine Stock Exchange, IRC said its board of directors has approved the issuance of 200 million common shares through a private placement with a company named Sigma Epsilon Fund Limited.
It said the shares would have a par value of P1 each and a subscription price of P1.40 per share, for a total subscription price of P280 million.
The IRC board also approved the issuance of an additional 172.8 million common shares “in favor of interested subscriber or subscribers, as the IRC Chairman and/or President may deem acceptable.”
The additional shares with a par value of P1 each will be issued at a subscription price of P1.40 per share for a sum of P241.9 million.
IRC said both private placements would be fully paid for in cash by the subscribers and would be taken out of the unissued portion of the company’s authorized capital stock.
IRC is a domestic firm established in February 1975, initially dealing in oil drilling operations, but later shifted its focus to property development after acquiring 2,200 hectares of land in Binangonan town in Rizal province.
IRC now has three residential subdivision projects in the said property under joint-venture deals—Sunshine Fiesta, Fiesta Casitas, and Casas Aurora.