Century Properties completes P2-B share offering
REAL ESTATE developer Century Properties Group, Inc. (CPG) completed its P2-billion Series B preferred shares follow-on offering on Thursday.
“We are very pleased with the investors’ reception of our issuance which allowed us to price at the tighter end of the marketing spread and set the dividend rate at 7.5432%,” CPG Chief Finance Officer Ponciano S. Carreon, Jr. said in a statement.
“The timing for the CPG issuance was also good as the benchmark interest rates have started to move lower with the easing of inflationary pressures,” he added.
CPG President and CEO Marco R. Antonio said the proceeds from the fundraising will help the company “fortify its commitment to prudent financial management and facilitate sustained expansion efforts.”
The company previously said that it would use the proceeds for the partial repayment of its fixed-rate three-year bonds issued in March 2021, strategic land banking, capital expenditures, and other general corporate obligations.
CPG’s offering consisted of a base offer of 20 million Series B preferred shares, with an option to oversubscribe for up to 20 million more at P100 each.
The property developer tapped China Bank Capital Corp. as the lone issue manager, lead underwriter, and bookrunner for the transaction.
CPG aims to launch two projects under its premium in-city line within the first half, including the Hotel Residences at Acqua in Mandaluyong City and a mid-rise residential development at Azure North in San Fernando, Pampanga, with the first tower offering 375 units.
CPG also diversified into the first-home market to meet housing demand across the country. The company’s PHirst unit recently launched PHirst Park Homes Bacolod as part of its Visayas expansion.
PHirst aims to have 26 active first-home developments by yearend as it plans to open at least six new subdivisions.
CPG shares rose by 1.79% or P0.005 to P0.285 each on Thursday. — Revin Mikhael D. Ochave