Century Properties eyes P4 B from pref shares issue

Century Properties Group Inc. (CPG) has set the preliminary terms for its planned preferred shares issuance, in which the company intends to raise as much as P4 billion.

The Philippine Stock Exchange (PSE) said it approved CPG’s application for the listing of up to 40 million Series B preferred shares at an offer price of P100 apiece.

The issuance consists of 20 million base offering, as well as an oversubscription option of up to 20 million shares.

The final initial dividend rate of the offer shares is set at 7.5432 percent per annum.

Offer period runs from Feb. 6 to 13 and listing date and commencement of trading on the PSE is on Feb. 22.

The company intends to use the proceeds to finance the partial payment of the principal amount of its fixed rate three-year bonds issued on March 1, 2021, as well as for general corporate requirements. It also intends to utilize the amount to partially fund strategic land banking of PHirst Park Homes and finance the capital expenditures of Azure North development.

CPG, a developer with over 35 years of experience, is optimistic it finished the past year strong and would head toward an even better performance in 2024, along with the continuing improvement in the business environment.

The company last month announced plans to launch various projects within the first half of 2024 under its Premium, In City Line.

CPG said first to be launched for this quarter is “The Hotel Residences at Acqua” in Mandaluyong City to offer move-in ready, hotel-fitted and fully furnished suites.

CPG is also launching its first mid-rise 12-story residential development at Azure North in San Fernando, Pampanga, with the first tower offering 375 units.