Century Properties redeems P3B in preferred shares

MANILA  -The Antonio family’s Century Properties Group redeemed preferred shares worth P3 billion under a “strategic program” to cut obligations and strengthen its balance sheet.

The shares were fully redeemed on July 10 this year at a price of P100 each, the developer said in the statement. These are cumulative, non-voting, non-convertible and non-participating Philippine peso-denominated shares.

“The full redemption of the preferred shares is part of our strategic program that is anchored on prudent financial management and debt reduction with the goal of strengthening our balance sheet to support our growth expansion,” Ponciano S. Carreon Jr., Century Properties’ chief finance officer said in a statement.

Holders of preferred shares are given priority rights in dividend payouts and during events of corporate liquidation. Century Properties’ preferred shares were issued on Jan. 10, 2020.

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“We continue to see an active and liquid domestic capital markets and we intend to tap the same if needed for our capital funding purposes,” Carreon said.

Century Properties’ outstanding total debt as of the end of December 2022 was down to P17.3 billion, from P18.4 billion the previous year due to repayment of P1.1 billion short-term and long-term debt. In April that same year, the developer redeemed P3 billion of its fixed-rate bonds.

Century Properties earlier saw first quarter 2023 profits jump 21 percent to P302 million amid the growth of its affordable housing segment.

Century Properties Q1 net profit up 21%

It said revenues also climbed 28 percent to P3.3 billion from January to March.

The company’s affordable housing developments contributed P1.6 billion or 48 percent of total revenues. This was up 33 percent from last year.

It said new projects include Phirst Sights Bay Laguna, Phirst Editions Batulao Batangas, and Phirst Centrale in Hermosa Bataan.