In its recent disclosure to the regulators, Italpinas Development Corporation (IDC), announced that it will declare stock dividends following the approval by its shareholders owning more than 2/3 of IDCs outstanding shares during the company’s First Virtual Annual Shareholders Meeting held on January 22, 2021. IDC is a publicly listed real estate developer committed to build sustainable, green and affordable residential housing in emerging cities.
Previously, the IDCs’ Board of Directors had given the go signal to declare stock dividends which will be sourced from the company’s retained earnings as of end of December, 2019. The determination of the final stock dividends to be declared was delegated to the management of the corporation.
“We are pleased to announce that IDC shareholders approved the management’s proposal to declare stock dividends amounting to Php 97,691,710 or 195,363,419 shares of common stocks for the year 2019. This is equivalent to 45% of the outstanding shares, and will be taken from the retained earnings of the corporation as of December 31, 2019. The payment date will be set subject to the approval of the Securities and Exchange Commission of IDC’s increase in its authorized capital stock 1.4 billion shares, which was also approved by shareholders collectively owning more than 67% of IDCs outstanding shares. ” Atty. Jose D. Leviste III, President of IDC said immediately after the conduct of the ASM proceedings.
Architect Romolo V. Nati, in his management report to shareholders during the ASM, highlighted the unique business philosophy of IDC which has proven to respond well to the needs of its buyers, thus creating a favorable impact on the company’s business operations. Architect Nati noted that IDCs mixed-use residences are multi-awarded which combined green living with unmistakable design aesthetic and performance-based architecture. These include the Primavera Residences the maiden project of IDC fully completed in 2016 and the Primavera City, a cluster of mixed-use condos consisting of seven buildings, to be developed in three phases. Citta Verde, Primavera City Phase 1 is being readied for turnover by end of March, 2021. Citta Bella, Primavera City Phase 2 is ongoing construction and slated for completion by 3rd quarter, 2022. Both projects are located in Cagayan de Oro City, the dynamic and fast-growing metropolis in northern Mindanao.
Architect Nati further noted that, “IDCs net income as well as total resources had been consistently increasing. From a modest income of P5.3 million in 2013, it achieved a net income of P 181 million in 2019. Also, the company’s resources grew from P483.16 million in 2013 to P1.885.81 billion as of end of 2019. Furthermore, we are quite fortunate that despite the pandemic, our operations have not been materially compromised. We look forward to continue our growth trajectory as we are confident to sustain our profitable operations”
IDC is also currently constructing a vertical housing development in Sto. Tomas, Batangas-Miramonti Green Residences, a mixed-use twenty- one storey, green building, showcasing IDC’s trademark design philosophies.
Another important item taken up also during the ASM was election of the IDC Directors who will serve for 2020-21. Voting unanimously, shareholders re-elected Romolo Nati, Chairman/CEO; Jose D. Leviste III, President; Shennan Sy, Treasurer; Christine Base, Corporate Secretary; Elvira Ablaza, Director; Dionisio Tejero, Director; Rafael Dominguez, Independent Director, Jose Araullo, Independent Director. A new director, Monina Jane Nazal was also elected to complete the nine-seat board.
IDC held its virtual ASM in consideration of the health and safety concerns of everyone involved because of on- going COVID-19 pandemic. The conduct of the virtual ASM is in compliance to Section 49 of the Revised Corporation Code of the Philippines and SEC Memorandum Circular No. 6 2020.