The key shareholder block of Century Properties Group Inc. (CPGI) has sold a 10-percent stake in the publicly listed property developer to its existing directors and long-time partners for P851.62 million.
Century Properties Inc. (CPI), the majority shareholder of listed firm CPGI, sold 1.194 billion shares via a special block sale to the directors and shareholders of the company.
Existing directors and shareholders Rafael Yaptinchay and Ricardo Cuerva sold their unlisted holdings in CPI and, in turn, bought listed shares in CPGI, the company said in a statement.
“There is no dilution to existing CPGI shareholders or change in the public float,” CPGI said in a statement.
There will be no change in the voting rights or management of CPGI, which is led by businessman Jose Antonio’s family.
The sale was priced at P0.713 per share, representing a 27-percent premium to Tuesday’s closing price of P0.56.
Following Tuesday’s transaction, CPGI shares gained 5.66 percent.
This was a simple transaction done for the “estate planning” of the sellers, an industry source said. Generally, shares in a listed company are considered liquid as these can be traded in the open market and the pricing is more transparent.
Ricardo Cuerva is a CPGI director and is also listed as its senior vice president for design and innovation and materials management. He is a co-founder of Meridien Development Group, the contractor of all CPGI projects. The group is also believed to be among CPGI’s long-time minority shareholders.
Cuerva is the president and owner of Century Project Management and Construction Corp.
CPGI is into the development and sale of mid- and high-rise condominiums and single detached homes, leasing of retail and office space and property management.
It is valued by the stock market at around P6.5 billion.