Century Properties gets SEC OK for P5 billion share issuance

MANILA, Philippines — Century Properties Group Inc. (CPG) has obtained the greenlight from the Securities and Exchange Commission (SEC) to issue up to P5 billion worth of preferred shares.

Proceeds are expected to be used for general corporate funding requirements.

In a recent disclosure, CPG said the SEC has approved its application to issue 30 million in Series B preferred shares, with an oversubscription option of up to 20 million shares.

The shares will be offered at a price of P100 each.

The Antonio-led property company has likewise filed an application for the listing of the shares with the Philippine Stock Exchange Inc. (PSE), the operator of the local bourse.

This is still subject to the company’s submission of the final prospectus and transaction agreements, as well as compliance to such other conditions as the SEC may impose or require.

CPG is optimistic it finished the past year strong and head toward an even better performance in 2024, along with the continuing improvement in the business environment.

CPG president and CEO Marco Antonio said the company is taking a cautiously optimistic outlook for this year.

While there are challenges, the company’s affordable housing business, PHirst Park Homes, is growing very rapidly, he said.

The company has already fully acquired PHirst, marking a milestone five years after entering a joint venture with Japan’s Mitsubishi Corp.

In May 2023, CPG’s board of directors approved the company’s acquisition of a substantial 40 percent ownership stake previously held by Mitsubishi Corp. in two entities, PHirst and Tanza Properties Inc. (TPI) via a share purchase agreement.

PHirst has successfully completed the launch of 15 projects it committed to deliver during its formation in 2017.

As for commercial leasing, CPG’s office developments have been performing above market despite the challenge in the office sector because of the COVID-19 pandemic and work-from-home setups.

CPG’s retail business has likewise recovered from the pandemic, officials said.

CPG is primarily engaged in the development, marketing, and sale of mid- and high-rise condominiums and single-detached homes, leasing of retail and office space, and property management.