Interport Resources eyes P480M via stock rights offer

Interport Resources Corp. plans to raise nearly P480 million through a stock rights offering to fund its real estate development projects, beef up its landbank and settle advances.

In a registration statement filed with the Securities and Exchange Commission, Interport said it is offering a total of 399.999 million class A and B shares to shareholders at P1.20 each share.

Shareholders can subscribe to one share for every one share held as of Jan. 9, 2009. The offering will run from Jan. 19 to 23 while the listing of the shares has been set on Feb. 2.

BDO Capital & Investment Corp. was tapped as lead underwriter and issue manager for the offering.

Proceeds from the offering will be used to partially fund the development and construction of new residential subdivisions in Binangonan, Rizal — Sunshine Fiesta and Town & Country — each to sit on 15-hectares of property.

Sunshine Fiesta will cater to the mid-end market while Town & Country is targeting the low-income group.

Of the total proceeds, P100 million will be used to repay advances of subsidiary Mabuhay. The Mabuhay advances are unsecured borrowings evidenced by notes with no definite payment terms and bears interest at 18 percent per annum. The principal is payable on demand.