Italpinas execs bullish: Debut in stock market to boost expansion
By MARK D. FRANCISCO, Staff Writer
TOP officials of Cagayan de Oro City-based developer Italpinas Development Corporation have expressed confidence that the company’s debut in the stock market would give a big boost to their expansion plans in the next few years.
In a press conference following this development, Italpinas Development Corporation executive chairman and COO Romolo V. Nati said Italpinas is the first Italian-Filipino venture and first sustainable development firm to be listed in the Philippine Stock Exchange (PSE).
Italpinas’ flagship project Primavera Residences in Cagayan de Oro City is a pioneer in environment-friendly architecture in Northern Mindanao and has reaped numerous raves within the industry.
Smacked in between the two towers of Primavera Residences is a green courtyard and terrace for natural ventilation and lighting. The whole building is protected by roof shadowing solar panels which deflect the rays of the sun directly, decreasing natural temperature and providing for additional energy production. Also, the designs of each unit are made to allow for cross-ventilation.
Mr. Nati is confident that all these features will speed up the growth of the company as a publicly-listed one.
To usher this, Italpinas Development Corporation has commenced its initial public offering (IPO) stage.
The company is offering 57.62 million shares to the public at P4.20 per share and is expected to generate P242 million.
Mr. Nati said profits gained from the IPO will be used to bankroll another huge project of Italpinas, Miramonti in Sto. Tomas, Batangas.
Just like its previous project, this one will mirror Primavera Residences in its eco-sustainability concept. Also in the offing will be Primavera City in Cagayan de Oro, an ambitious mixed-use complex project consisting of seven buildings – six low-rises and one high-rise contiguous to each other.
As a private company, Italpinas holds a 25 percent stake in Constellation Energy Corporation which has the following assets in its fold – Alag Tributary 1 and 2 Hydroelectric Project in Oriental Mindoro, 3.8MW Dupinga Hydroelectric in Nueva Ecija and 40MW Montelago Geothermal Project in Oriental Mindoro.