Century Properties completes P2-B preferred share sale
MANILA, Philippines —Antonio family-led Century Properties Group Inc. (CPG) completed a P2-billion preferred share offer, giving the builder added financial muscle to support its expansion.
The perpetual, cumulative, non-participating, non-voting, redeemable, non-convertible shares were listed on the Philippine Stock Exchange on Thursday.
Century Properties is the builder of the Trump Tower Philippine and other upscale residential towers has been aggressively expanding in the affordable income market.
Ponciano S. Carreon Jr. said the strong reception to the offer allow the company to price dividends at the lower end of the range at 7.5432 percent.
He said the timing of the offer was “also good as the benchmark interest rates have started to move lower with the easing of inflationary pressures”.
READ: After Novotel, Century Properties eyes more hotel ventures
“On behalf of CPG, we are grateful to our institutional and retail investors, transaction partners, dedicated working group, and stakeholders for their unwavering trust. The success of this undertaking is a testament to our combined efforts and their enduring support and confidence in CPG’s growth,” said company president and CEO Marco R. Antonio.
Fundraising for expansion
“The proceeds of this fundraising will help the company to fortify its commitment to prudent financial management and facilitate sustained expansion efforts,” Antonio added.
China Bank Capital Corp. was the sole issue manager, lead underwriter, and bookrunner for the deal.
Century Properties announced earlier unveiled projects for the first semester of the year, which includes a mid-rise residential development at Azure North in San Fernando, Pampanga.
READ: Century Properties banks on affordable housing to bolster 2024
The company’s big moves in the affordable market are being done via PHirst Park Homes Inc.
Last year, it acquired Mitsubishi’s 40 percent stake in the unit, thereby making PHirst Park Homes a wholly-owned subsidiary.
Century Properties reported a profit of P1.3 billion for the first nine months of 2023, which was an increase of over 13 percent. This figure represents approximately 88 percent of its pre-pandemic profits in 2019.
