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Property firm gets nod for fund-raising scheme

Posted on 09:43 PM, May 23, 2010 [ BusinessWorld Online ]

THE SECURITIES and Exchange Commission has approved a listed property developer’s plan to sell P599 million worth of shares to the public next month.
In a document dated May 19, the Securities and Exchange Commission allowed Interport Resources Corp. to sell 399.999 million shares.
Interport Resources said proceeds of the share sale would be used to pay land-clearing works and develop subdivisions in Southern Luzon.
Under the plan, Interport Resources will sell shares on May 31 to June 4.
The shares will be listed on the local bourse on June 11.
Buyers can avail themselves of one bonus warrant for every two rights shares purchased, the company said.
Net proceeds were estimated at P589.359 million -- P389.359 million for the rights offering and P199.999 for the bonus warrants.
Interport Resources said it would spend P143.921 million and P46.437 million to develop the 1.34-hectare condominium and townhouse project Trocadero Residences and the 17-hectare Sunshine Fiesta Subdivision, respectively. Both projects are in Rizal province and are aiming for the middle- to high-end markets of northern Metro Manila.
Moreover, P399 million will be used to pay for advances for clearing of land and other operating expenses.
Interport Resources was incorporated in 1975 to engage in the acquisition, reclamation, development or exploration of land, forests, minerals, oil, gas and other resources.
Shares in Interport Resources -- whose net loss widened to P13.421 million in the first quarter from P10.876 million in the previous year -- were last traded on May 17 at P0.85 each.

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