By Jenniffer B. Austria | Posted September
11, 2013 | manilastandardtoday.com
Listed IRC Properties Inc. said
Tuesday it is selling a portion of its property in Rizal for P87.27 million.
IRC Properties said in a disclosure to
the stock exchange it signed an agreement to sell a 183,729-square meter lot in
Binangonan, Rizal to Hundred Lake Development Corp.
Hundred Lake is 60-40 joint venture
between Filipino and Chinese companies.
Hundred Lake under the terms of
agreement will pay an initial P50
million upon the execution of the contract. It will pay the balance once IRC
Properties transfers the title of the land to the buyer.
Share price of IRC Properties on
Tuesday closed 0.6 percent lower to P1.58.
IRC Properties last month said it was
in the final stages of selling part of its landholdings to an unidentified
“publicly-listed premier real estate developer.”
IRC Properties expects the deal to be
finalized by the third quarter of the year.
It said other local property companies
and foreign groups were also interested in investing in other real estate
assets owned by the company. The properties can be developed into mixed-use,
township or retirement communities.
IRC Properties is increasing its
authorized capital stock to P3 billion from P1 billion in preparation for a
possible fund-raising activity.
The fund-raising options being
considered by the company include share sale through a pre-emptive rights
offering, private placements and other arrangements to be approved by the board
of directors.
IRC Properties plans to use the
proceeds from the issuance of additional shares to finance the construction and
development of real estate properties, including residential and commercials
projects.
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