Century Properties cleared to issue up to P3 billion preferred shares !-- -- Iris Gonzales (The Philippine Star) - December 17, 2019 - 12:00am MANILA, Philippines Century Properties Group Inc. of the Antonio family has received the green light from the Philippine Stock Exchange to offer up to P3 billion in preferred shares.

With the PSE approval, CPG would be able to proceed with its share sale. CPG chief finance officer Ponciano Carreon said the company is embarking on a bullish business expansion.

"From being primarily focused on high rise condominiums, the company rolled out a diversification program four years ago to enter into allied real estate segments. These are affordable horizontal housing business outside of Metro Manila through the brand PHirst Park Homes, commercial leasing to boost its recurring revenue streams, and a new line of in-city developments with medium-rise buildings," Carreon said.

CPG plans to further expand into the commercial leasing business, specifically for a new office development. Proceeds would also fund the capital expenditures of its leasing projects.

The share sale consists of a primary offering of 20 million shares. In the event of an oversubscription, the company will sell an additional 10 million shares.

CPG has set a dividend rate of 6.7177 percent per annum.

The offer period will be from Dec. 16 to Jan.

3, 2020 while the target listing date will be on Jan. 10, 2020. Dividends shall be paid quarterly, every Jan.

10, April 10, July 10, and Oct. 10 of each year.

The company has tapped China Bank Capital Corp. as the sole issue manager, lead underwriter and sole bookrunner for the transaction.

CPG earlier raised P3 billion from a bond offering which will be used for its affordable housing and townhouse projects. In the nine months to September, the company reported an 81 percent increase in net income to P1.2 billion on the back of a 35.6 percent growth in revenue to P7.2 billion.

© Pakistan Press International, source Asianet-Pakistan