- Century Properties [CPG 0.28 ?1.8%; 121% avgVol] [link] had its ?5 billion preferred shares offering approved by the SEC. The company said it has already applied with the PSE to list the shares. The base offer is for 30 million Series B preferred shares, with an oversubscription option of up to 20 million Series B preferred shares.
MB Quick Take: CPG has been going all-out to push its chips into its downmarket housing brand, Phirst. I haven’t taken a look a the prospectus for this offering yet, but I will update readers once the listing is approved by the PSE and I have some firm offer dates and a more solid listing date to publish.
- House of Investments [HI 3.22 ?8.0%; 252% avgVol] [link] disclosed that it sold a 4.5% stake in EEI Corporation [EEI 6.25 ?0.8%; 530% avgVol] to Shenton Resources, a Singapore-registered company. HI said that the sale was part of its “portfolio realignment activities.” HI is the Yuchengco Family’s holding company, and holds a majority stake in EEI, despite having sold a 20% stake in EEI to the Romualdez Family’s RYM Business Management Corporation (RYM) for ?1.25 billion in April of last year.
MB Quick Take: That sale last year to RYM kickstarted a massive pump in EEI’s price, from around ?2.70/share to an intermediary high of ?6.00/share by mid-May. After dropping back into the high-?4s and low-?5s for a while, EEI’s price began to recover in November and has since passed that May high to close at ?6.25/share on Friday. I don’t follow or trade Yuchengco Family stocks, so I’m not familiar with any of the nuance that could be going on behind-the-scenes related to these transactions. If you have any context, please let me know!
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