Business

Antonio Tiu readies fundraising for Makati subway

Philippine Infradev Holdings Inc., formerly IRC Properties Inc., is raising its authorized capital to P19.5 billion from only P1.5 billion.

Philippine Infradev Holdings Inc., formerly IRC Properties Inc., is raising its authorized capital to P19.5 billion from only P1.5 billion.

In a stock exchange filing, Phil InfraDev said the new capitalization

Consists of 9.5 billion common shares with a par value of P1 each and one billion preferred shares with a par value of P10 apiece.

The new shares may be issued through a private placement, pre-emptive rights offering, or other arrangements as may be approved by the company’ board.

According to the company, The preferred shares shall have voting rights and are convertible to common shares.

Headed by businessman Antonio Tiu, Phil Infradev seeks to construct a $3.7-billion mass transit system that will connect key points in Makati which include Ayala Avenue, the Makati City Hall, the Poblacion Heritage Site, the University of Makati, Ospital ng Makati and the other new business districts within the city.

The intracity subway will have up to 10 air-conditioned, underground stations that can accommodate up to six car trains or over 200 passengers per car.

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