Century Properties to buy East Asia Power Resources

MANILA, Philippines—Century Properties Inc., a high-rise property developer owned by the Antonio family, is taking over 93.58 percent of the energy company East Asia Power Resources Corp. for P127.4 million and making a tender offer to the rest of the shareholders.

Century Properties has signed a deal with a private shareholder, El Paso Philippines Energy Co. Inc. resulting in its acquisition of 91.69 percent indirect stake and 1.88 percent direct stake in East Asia, based on a regulatory filing posted on Thursday.

The price per share for the share sale is equivalent to P0.038. Century Properties has offered to buy remaining minority shareholders for P0.04, which will cost an additional P9.12 million assuming that all those holding the remaining 6.42 percent would accept the offer. The total purchase price for 100 percent of East Asia will thus amount to P136.52 million.

The tender offer will start on Friday (June 3) and end at noon on July 11. Venture Securities Inc. is the transaction broker for this tender offer.