Real estate firm Italpinas gets P188-M investment from new backer

Listed property developer Italpinas Development Corporation (IDC) has gained additional financial muscle after it secured well over P100 million worth of investment through a private placement deal.

In a statement, IDC said it inked an agreement with businessman Benjamin Tan Co for the latter's purchase of a 15% stake in the real estate firm at P1.99 per share, amounting to an approximate P188 million.

Co is an entrepreneur known for his interests in petrochemicals, PVC resins and products, steel manufacturing, and other industries.

IDC said it originally secured approval for the private placement deal in 2022, when its stockholders at its annual shareholders meeting approved the transaction of up to 20% of primary new shares to an incoming investor.

"It has taken us over two years to find the ideal strategic investor," said IDC chairman and CEO Romolo Nati, adding that "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 Nati.

Moving forward, IDC said it intends to expand in multiple new locations throughout the country.

The company added that it also intends 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," said Co. — VDV, GMA Integrated News