Posted on September 02, 2013 10:00:08 PM [ BusinessWorld Online ]
IRC PROPERTIES, Inc. plans to sell shares after securing shareholders’ clearance to triple its capital stock, the real estate investment firm said in a disclosure yesterday.
IRC Properties’ shareholders, in their meeting last Friday, approved a hike in the company’s authorized capital stock to P3 billion from P1 billion, it said.
“[The] shares may be issued primarily through preemptive rights offering, or through private placements or arrangements in such amount or amounts, and under such terms and conditions approved by the board of directors...” the disclosure read.
Company officials were not immediately available for comment on details of the share sale.
IRC Properties last month said it was finalizing a deal to sell part of its landholdings in Rizal to a publicly listed real estate developer. The deal is expected to be closed this quarter, it said then.
The company last month also said it was in partnership talks for various real estate projects.
IRC Properties, formerly Interport Resources Corp. (IRC), was incorporated on Feb. 24, 1975 primarily to engage in the acquisition, reclamation, development or exploration of land, forests, minerals, oil, gas and other resources, its Philippine Stock Exchange profile showed.
The company initially ventured into oil exploration and drilled two wells in Southern Mindoro and the Sulu Sea areas, but world recession in the late 1970s forced IRC to cut down on these activities. In 1978, the company acquired a 2,200-hectare property in Binangonan, Rizal which signaled a shift in business. IRC also owns Apo Island, an 896-hectare island in Palawan.
The company’s net loss widened to P4.78 million in the first half from P4.11 million in the same six months a year ago due to mounting expenses.
Shares of the company gained eight centavos or 5.19% to close P1.62 apiece yesterday from P1.54 each on Friday last week. -- Cliff Harvey C. Venzon