In a stock exchange filing, Primex said its board of directors approved an increase in its capitalization from P900 million to P1.9 billion.
The shares will come from the issuance of an additional five billion shares of common stock at a par value of P0.20 per share.
The board likewise approved to raise the company’s authorized capital of subsidiary Primex Realty Corp. from P700 million to P1.7 billion.
Apart from this, the board approved to review and evaluate offers for a private placement of its common shares.
The company’s completed projects include two high-end residential projects namely, Goldendale Village located in Malabon and The Richdale situated along Sumulong Highway, Antipolo City.
Primex also completed the development of Goldendale II and Tresor Residences, which are also located in Malabon City.