Italpinas Development Corp. (IDC), a leader in eco-conscious real estate in the Philippines, has announced the sale of its entire 25% equity stake in Toronto-based Constellation Energy Corp. for PHP 6.5 million. The transaction involves the transfer of five million shares through a deed of assignment, with Constellation Energy itself purchasing the shares.
Constellation Energy, a subsidiary of Enerasia Renewable Corporation, is a renewable energy development company, focused on clean energy infrastructure such as: hydroelectric, geothermal, and wind energy projects. Originally, IDC had claimed a minority stake to gain strategic exposure to the growing renewable energy sector in the Philippines, which is experiencing an increase in demand due to the country’s need for stable and sustainable power sources.
Despite the potential of the energy sector, IDC has decided to divest from non-core investments to concentrate entirely on its primary business of real estate development.
IDC, whose flagship project is Primavera Residences in Cagayan de Oro City, told the Philippine Stock Exchange that the divestment will simplify finances, cut unrelated risks, and boost growth in real estate, targeting new areas and tourism projects while staying true to its sustainability goals.
Earlier this year, the company welcomed a PHP 188-million investment from esteemed entrepreneur Benjamin Tan Co, marking a significant milestone for the company. This infusion, secured through a private placement, grants Co a 15% equity stake in IDC.
Under the terms, Co acquired 15% of IDC’s primary shares at PHP 1.99 per share, reflecting the company’s book value from its 2023 financials—a notable premium over the recent closing price of PHP 1.39 per share. Co, a seasoned investor with ventures spanning petrochemicals, steel production, and PVC manufacturing, brings strategic insight to IDC’s vision.
What do you think would be the future plans of IDC?
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Erratum:
In our article published on April 14, 2025, we incorrectly referred to Constellation Energy Corporation. We clarify that Constellation Energy Corporation is (i) a Canada-based company headquartered in Toronto, (ii) a subsidiary of Enerasia Renewable Corporation, and (iii) has no relationship with the U.S.-based company Constellation Energy Corporation. We regret the error and any confusion it may have caused.
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