C06294-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Aug 11, 2023
2. SEC Identification Number
CS200900917
3. BIR Tax Identification No.
007-213-353-000
4. Exact name of issuer as specified in its charter
ITALPINAS DEVELOPMENT CORPORATION
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
Unit 28C BPI Philamlife Building, 6811 Ayala Ave., Makati Postal Code 1226
8. Issuer's telephone number, including area code
(+63 2) 8893 0328
9. Former name or former address, if changed since last report
Not Applicable
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 629,568,795
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Italpinas Development CorporationIDC

PSE Disclosure Form 4-22 - Joint Ventures References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

On August 11, 2023, IDC signed a Joint Venture Agreement with Mr. Gonzalo Go Jr. for the development of his property, located in Gusa, Cagayan de Oro City, into a mixed-use development.
Background/Description of the Disclosure

On August 11, 2023, IDC signed a Joint Venture Agreement with Mr. Gonzalo Go Jr. for the development of his property, located in Gusa, Cagayan de Oro City, into a mixed-use development.

The related regulatory requirements include the necessary licenses, environmental clearance, permits, approval from the Local Government Units, DHSUD, public utility companies, and other government agencies having authority on condominium projects.
Date of Approval by Board of Directors Aug 11, 2023
Date of Approval by Stockholders, if applicable N/A
Description and nature of the transaction including the timetable for implementation, and related regulatory requirements

On August 11, 2023, IDC signed a Joint Venture Agreement with Mr. Gonzalo Go Jr. for the development of his property, located in Gusa, Cagayan de Oro City, into a mixed-use development.

The related regulatory requirements include the necessary licenses, environmental clearance, permits, approval from the Local Government Units, DHSUD, public utility companies, and other government agencies having authority on condominium projects.
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction

The Joint Venture will enable IDC to develop the property without capital outlay for the land.
Terms and conditions of the joint venture
Amount of investment and/or interest by the parties involved

Mr. Go is contributing a parcel of land with an area of 43,198 square meters. IDC will develop the area into a mixed-use project, with total project cost at approximately Php 2.42 Billion.
Provisions on profit-sharing, arrangements on management and operations

Provisions on profit-sharing, and arrangements on management and operations are to be determined by the parties.
Conditions precedent to closing of transaction, if any

The closing of the transaction was subject to conditions precedent, including board approvals.
Other salient features of the joint venture agreement

N/A
Identity and/or corporate background of the parties to the transaction, including the following
Name Nature of Business Nature of any material relationship with the Issuer and the parties to the joint venture, their directors/officers or any of their affiliates
Mr. Gonzalo Go Jr. Property Owner None
Effect(s) on the business, financial condition and operations of the Issuer, if any

Mr. Go is contributing a parcel of land with an area of 43,198 square meters. IDC will develop the area into a mixed-use project, with total project cost at approximately Php 2.42 Billion.
Other Relevant Information

Please refer to the attached.
Filed on behalf by:
Name Aleli Cordero
Designation Legal Counsel/Corporate Information Officer