Interport Resources Corporation (IRC) disclosed to the Philippine Stock Exchange on Thursday that it plans to sell additional shares to its stockholders to raise funds for its real estate projects and other working capital requirements.

IRC said its board has approved the sale of P400 million worth of share at par value our of the unsubsribed portion of its authorized capital stock. The said shares will be offered to stockholders as of record date to be determined by its chairman and president provided tthis is not less that 15 days from the board approval.

Each stockholder will be entitled to one IRC share for every one already held, while the exercise price will be at a 20-percent premium over par value. BDO Capital and Investment Corp. was tapped to serve as underwriter and financial adviser for the fund raising activity, the terms and conditions of which would still have to be determined by the chairman and president.

IRC started 33 years ago by venturing into oil exploration and acquisition, reclamation, development or exploration of land, forest, minerals, oil, gas and other resources. Due to a world recession in the 1970s, the company was forced to cut down on exploration activities and shifted to real estate development.

It formed Binangonan Land Corp. with PrimeEast Properties, Inc. to develop its 2,200-hectare property in Binangonan, Province of Rizal. However, projects were put on hold in the aftermath of the Asian Financial Crisis.