Highlands Prime said it would instead reclassify existing unissued common shares into 20 million preferred shares, which will be non-voting, non-convertible and redeemable.
"The board of directors will fix the other terms and conditions of the preferred shares at the time of the issuance including dividend rate, and redemption price," Highlands Prime said in a disclosure to the Philippine Stock Exchange.
The company plans to issue as much as P2 billion worth of preferred shares to finance ongoing and future projects.
Highlands Prime is currently boosting its lineup of exclusive out-of-town residential villas. The Tagaytay Highlands is expanding its offerings with Woodridge Park, a residential condominium development inspired by the mountain resorts of the Colorado region in the US.
Due to the success of its Woodridge project, Highlands Prime has fasttracked the development and sale of The Horizon at Tagaytay Midlands and The Woodridge Park at Tagaytay Highlands.
The Horizon, a mid-rise residential condominium development envisioned as a golfer’s haven, is seen to raise approximately P2 billion in gross revenues for Highlands Prime.
The Horizon’s four-bedroom units with an average floor area of 150 square meters boast of views of the Midlands golf course, Taal Lake and volcano.
Highlands Prime expects the Woodridge Park to generate P1.8 billion in revenues for a total of 119 units.
The first phase or 65 units of the Woodridge Park is targeted for completion by end-2007.