Century Properties takes over East Asia Power firm

MANILA, Philippines—High-rise property developer Century Properties Inc. has sealed a deal to take over 93.59 percent of dormant energy company East Asia Power Resources Corp. for P127.4 million.

In a disclosure to the Philippine Stock Exchange on Monday, East Asia said two deeds of assignment of stock had been signed to finally close the transaction resulting in Century’s acquisition of direct and indirect shares in the company.

Century Properties entered into the deal with a private shareholder, El Paso Philippines Energy Co. Inc., paving the way for its acquisition of 91.69 percent indirect stake and 1.88 percent direct stake in East Asia.

The deeds of assignment were required by the Bureau of Revenue for the “purpose of facilitating the payment of the tax implications and the release of certificate authorizing registration for both transactions,” the disclosure said.

Century Properties has committed to make a tender offer to other minority shares for P0.04 apiece, higher than the P0.038 per share purchase price for the 93.8 percent stake. The tender offer will cost the property group up to P9.12 million.

It was rumored that Century Properties was looking for a publicly listed vehicle for backdoor listing on the exchange.

The Century Properties group has yet to disclose plans on whether the power assets would be reopened or new businesses will be infused into East Asia Power. The property firm is led by Jose Antonio, a former stock broker and special envoy to China.

The 25-year-old property developer has undertaken 40 major projects, including Essensa East Forbes in Fort Bonifacio, Medical Plaza Makati and Ortigas, Pacific Star Building and the Asian Hospital Medical Suites. It is now one of the largest privately owned full-service real-estate firms in the Philippines, with more than $2 billion in assets under management.