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
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