ITALPINAS Development Corp. raised P188 million in new capital through a private placement of shares equivalent to 15 percent of the company from strategic investor Benjamin Tan Co.

Romolo Nati, president and CEO of IDC, said that as early as 2022, Italpinas shareholders have already approved a private placement of up to 20% of the company’s new primary shares.

“It took us more than two years to find the ideal strategic investor,” Nati said, adding that “a key decision like this requires us to make a careful and deliberate decision.”

Finalized last Friday, IDC said the private placement was priced at P1.99 per share, calculated as the company’s book value based on IDC’s 2023 financial statements.

Co reportedly has interests in petrochemicals, PVC resins and products, and steel manufacturing, as well as a large portfolio of land holdings in Palawan, Cavite, Boracay, Pampanga, Quezon Province and Quezon City .

“With his years of experience, prominence and reputation in the business world, Mr. Co will be a formidable partner for IDC as it grows,” said Nati.

IDC said it intends to expand into new locations in the country, develop assets in the tourism and hospitality market and continue a partnership with the Ascott Group which was finalized in August from last year.

“The Philippine economy has a bright and vibrant future, and that includes real estate, especially in areas outside Metro Manila that are still relatively underserved,” Co said.

“With 15 years of experience in the industry… IDC is an ideal strategic partner for me to join and grow my real estate portfolio,” he added.

In June, IDC and Co signed a joint venture co-development for a prime property in Puerto Princesa.

“I believe that this synergy between the two groups will allow IDC to unlock its full potential and become the leading sustainable real estate developer in the country,” said IDC President Jojo Leviste.

Shares of IDC closed up 2.96 percent at P1.39 apiece last Friday.