Posted on September 24, 2013 10:19:00
PM [ BusinessWorld Online ]
IP CONVERGE Data Center, Inc., the
backdoor listing vehicle of mass housing developer 8990 Group, is set to
receive an additional P465.58 million in equity from various investors, the
company said in a disclosure yesterday.
IP Converge said its board on Monday
approved the issuance of 465.58 million shares at P1 each to six individuals,
namely: Raul R. Rocha (87.02 million), Socorro P. Lim (100 million), Antholin
T. Muntuerto (69.50 million), Mark Werner J. Rosal (69.60 million), Nicolas D.
Divinagracia (69.60 million) and Rodrigo B. Libunao, Jr. (69.76 million).
“The aforesaid issuance and
subscription are subject to approval by the Securities and Exchange Commission
(SEC) of the pending application by the corporation for the increase in its
authorized capital stock and shall be issued out of the authorized and unissued
capital stock of the corporation,” the disclosure said.
The transaction will come on top of a
3.97-billion-share issuance to and subscription by Iholdings, Inc.; Januarius
Resources Realty Corp.; Kwantlen Development Corp.; Luis N. Yu, Jr.; Mariano D.
Martinez, Jr.; and Januario Jesus Gregorio B. Atencio III collectively known as
the 8990 Group.
The company has sought SEC approval to
increase its authorized capital stock to P7 billion from P460 million to make
way for the share issuance.
“Subscribed capital is expected to
increase to P4.66 billion with a total of 4.15 billion shares or 89.07% of the
resulting outstanding capital stock of the corporation owned or controlled by
the 8990 majority stockholders,” the disclosure read.
“Further, a total of 509.05 million
shares or 10.93% of the outstanding capital stock shall be owned by the public,
inclusive of the shares to be issued to the subscribers.”
The company’s public float stands at
19.59% currently.
8990 Group is known primarily for its
main brands Deca Homes (mass housing subdivisions) and Urban Homes (medium-rise
buildings).
Deca Homes has developed 51
subdivisions, with more than 41,000 housing units turned over to date,
according to an earlier official statement.
The developer said in May said it had
10 ongoing residential projects in Angeles City in Pampanga, Cavite, Iloilo,
Cebu, and Davao, while also managing two wakeboard parks -- Deca Wake Park
Davao and Deca Wake Park Clark.
IP Converge Data Center used to be an
information technology solutions firm before turning into a shell company last
year when it transferred all its assets to parent IP Ventures, Inc.
Shares of IP Converge were last traded
at P5.60 apiece on Monday. -- Cliff Harvey C. Venzon
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