MANILA -The Antonio family’s Century Properties Group said its board approved plans to raise P5 billion through the sale of preferred shares, which would support the developer’s expansion after it recorded robust growth during the first semester of the year.
Century Properties plans to issue up to 50 million preferred shares at an offer price of P100 each.
Preferred shares are a type of equity instrument which grant holders priority rights for dividend payments and in the event the company’s assets are liquidated. These shares also have limited voting rights.
Century Properties did not provide further details such as timing and use of proceeds for the planning offer.
It said the shares will be taken from the unissued portion of its authorized capital stock of the corporation. The shares will also be listed on the Philippine Stock Exchange, subject to the approval of regulators.
Century Properties had previously focused on upscale projects before diversifying into the affordable housing segment, which has since become a major earnings driver.
READ: Po-led Century Pacific forays into affordable housing via new unit
Net income from January to June this year hit P656 million against P548 million during the same period last year. Century said total revenues during the period jumped 27 percent to P6.7 billion, with over half of sales coming from its First Home (PHirst) residential brand.
READ: Century Properties H1 2023 profit up 20%
PHirst’s prices for affordable homes range from P1.5-3.5 million. The unit launched its maiden development in the province of Nueva Ecija via PHirst Park Homes Gapan followed by the opening of PHirst Impressions Batulao in Nasugbu, Batangas.
Century Properties said revenue contributions from PHirst increased to 52 percent during the first half of the year from 48 percent during the same period in 2022.