SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C
CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER
1. Date of Report (Date of earliest event reported) Jun 24, 20222. SEC Identification Number CS2009009173. BIR Tax Identification No. 0072133530004. Exact name of issuer as specified in its charter ITALPINAS DEVELOPMENT CORPORATION5. Province, country or other jurisdiction of incorporation Metro Manila, Philippines6. Industry Classification Code(SEC Use Only) 7. Address of principal office Unit 28C BPI Philamlife Building, 6811 Ayala Avenue, Makati CityPostal Code12278. Issuer's telephone number, including area code (632) 889303289. Former name or former address, if changed since last report N/A10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common
629,568,795
11. Indicate the item numbers reported herein Item No. 9 - Other Events
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.
Italpinas Development CorporationIDC
PSE Disclosure Form 4-22 - Joint Ventures References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules
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.
On June 23, 2022, after trading hours, IDC signed the Joint Venture Agreement.
The related regulatory requirements include the necessary licenses, environmental clearance, permits, approval from the Local Government Units, DHSUD, public utility companies, and other government agencies having authority on condominium projects.
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.
Terms and conditions of the joint venture
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.
Identity and/or corporate background of the parties to the transaction, including the following
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
Filed on behalf by:
Name
Aleli Cordero
Designation
Legal Counsel
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Italpinas Development Corporation published this content on 24 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 June 2022 04:55:02 UTC.
Italpinas Development Corporation is a Philippines-based company that is engaged in the development and construction of real estate projects. The Company's projects include Primavera Residences, Primavera City, Miramonti and VERONA. Its subsidiaries, IDC Homes Inc and IDC Prime Inc, is engaged in the development of real estate, mass community and low-cost housing, townhouses and row houses development, residential subdivision, condominiums, buildings and other massive horizontal and vertical developments, hotels, shopping malls and leisure parks, resorts, and property management. Its subsidiary, Prima Management Corporation, is engaged in the provision of management and technical advice for commercial, industrial, manufacturing and other kinds of enterprises, and to undertake, carry on, assist or participate in the promotion, organization, management, liquidation or reorganizations or corporations, partnerships and other entities.