AgriNurture’s Antonio Tiu takes over IRC Properties
Chinese-Filipino businessman Antonio L. Tiu has been elected as president and CEO of shell property firm IRC Properties Inc.
Tiu owns Greenergy Holdings and AgriNurture.
The IRC board also approved the increase in the company’s authorized capital stock from P1.5 billion to P9 billion to support its planned private placement.
Of the P8 billion capital hike, 25 percent shall be issued via a private placement at a price ranging from P1.10 to P1.40 per share
About P1 billion of the capital increase shall comprise preferred shares with a par value of P10.00 each.
The preferred shares shall be non-voting and entitled to dividends at the rate of 1.5 percent per annum.
The board also approved the engagement of HPA (International) Ltd. to do the master development plan for IRC’s Binangonan property.