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Business

Century Properties to buy back shares

Neil Jerome Morales - The Philippine Star

MANILA, Philippines - Century Properties Group Inc. said it plans to buy back P800 million worth of shares from stockholders in the next two years in its first ever share redemption program.

The share buyback program will support the stock price of the company should it face undervaluation, the property firm said.

In a special meeting, Century Properties’ board of directors approved the purchase of shares from stockholders who opt to divest or unload shares.

“Such share buyback program will be up to P800 million worth of shares for a time period of up to 24 months and shall be implemented as early as January 2013,” the company disclosed.

This is Century Properties’ first buyback plan since starting its business 26 years ago.

“Century Properties will undertake a buyback transaction only if and to the extent that the price per share is deemed undervalued, share prices are considered highly volatile, or in any other instance where the corporation believes that a buyback will result in enhancing shareholders’ value,” it added.

In February last year, Century Properties increased its public float to more than 10 percent by selling existing shares to Dutch pension fund APG at P1.75 apiece. Its share price jumped 4.19 percent or seven centavos to close at P1.74 yesterday.

In the nine months to September last year, the listed property firm booked a net income of P1.4 billion, surging 95 percent from P723 million a year ago.

Revenues, driven by strong sales performance of its property developments, more than doubled to P7.2 billion from P3.5 billion.

Century Properties earlier targeted P20 billion in full-year pre-sales.

The company is into real estate development, marketing and property management.

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CENTURY

CENTURY PROPERTIES

CENTURY PROPERTIES GROUP INC

IN FEBRUARY

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