06/24/2022 | Press release | Distributed by Public on 06/23/2022 22:47
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding |
Common | 629,568,795 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
Joint Venture Agreement between Italpinas Development Corporation ("IDC") and Lanvin Natural Resources Corporation ("Lanvin") |
Background/Description of the Disclosure |
IDC entered into an unincorporated Joint Venture Agreement with Lanvin for the purpose of developing an area of 5,347 square meters into Phase 2 of its Miramonti Green residences Project, which is located at Sto. Tomas, Batangas. |
Date of Approval by Board of Directors | May 26, 2022 |
Date of Approval by Stockholders, if applicable | N/A |
Description and nature of the transaction including the timetable for implementation, and related regulatory requirements |
On May 26, 2022, the Board of Directors of IDC, upon recommendation of the Audit Committee, and in accordance with the Policy on Material Related Party Transactions, approved the execution of a Joint Venture Agreement with Lanvin. |
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
IDC's master plan for its Miramonti Project consists of a Phase 1 and a Phase 2. |
Amount of investment and/or interest by the parties involved |
Lanvin is contributing a parcel of land with an area of 5,347 square meters, as well as consultancy services. IDC will develop the area into a condominium project, specifically Phase 2 of Miramonti Green Residences. Total project cost is approximately Php 1.8 Billion. |
Provisions on profit-sharing, arrangements on management and operations |
Lanvin will be entitled to sufficient number of units corresponding in value to Php 58 Million valued at pre-selling price. IDC to the remaining units in the project. |
Conditions precedent to closing of transaction, if any |
None |
Other salient features of the joint venture agreement |
IDC has the option to buyout Lanvin within a period of 1 year from the issuance of the License to Sell. |
Name | Nature of Business | Nature of any material relationship with the Issuer and the parties to the joint venture, their directors/officers or any of their affiliates |
Lanvin Natural Resources Corporation | Mining | Wholly owned by the family of IDC's President, Atty. Jose D. Leviste III |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
Post development, and once fully sold, IDC expects net profits in the range of Php 850 Million to Php 940 Million. |
Other Relevant Information |
N/A |
Name | Aleli Cordero |
Designation | Legal Counsel |