C00245-2022 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common Stock, P.50 par value | 434,185,375 |
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Subject of the Disclosure |
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Execution of Joint Venture Agreement |
Background/Description of the Disclosure |
On 14 January 2022, management executed a Joint Venture agreement (“JV”), for the development of a new project in Cagayan de Oro City by Italpinas Development Corporation (“IDC”) and its JV Partner. Once completed, the new project is planned to consist of a series of low-rise walk-up green buildings (4 stories), offering both residential and commercial space. The chosen format will accentuate the precinct’s community-centered character, while simultaneously delivering contemporary Italian Design, open spaces, and modern conveniences. The architectural design will be in keeping with the Italian-Filipino company’s philosophy of bringing cutting-edge, sustainable design to dynamic, emerging Philippine cities. IDC’s JV Partner under this agreement is the land-owner of the project site, which is a 11,327 square meter property in flood-free Uptown Cagayan de Oro City. The new project site is located near IDC’s existing developments (Primavera Residences and Primavera City), enabling the company to leverage its well-established knowledge of the local area and its dynamic market conditions. |
Other Relevant Information |
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Name | Christine Base |
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Designation | Corporate Secretary |