Property developer Century Properties Group Inc. (CPG) said it plans to raise up to P5 billion from the
issuance of preferred shares next year.
CPG said in a disclosure to the stock exchange its board approved the issuance of 30 million preferred
shares with an oversubscription option for another 20 million shares at P100 apiece.
The preferred shares will be listed on the Philippine Stock Exchange.
CPG said it would use the proceeds from the fund raising activity to redeem three-year bonds issued in
March 2021 and fund existing property projects.
It also plans to acquire properties for the planned expansion of its affordable residential business under
Phirst Park Homes.
It will also allot a portion of the proceeds to further develop its Azure North—a mixed-use development in
Pampanga and for general corporate requirements.
CPG engaged China Bank Capital as the sole underwriter for this transaction.
CPG in July redeemed its P3-billion preferred shares issued in 2020 as part of its financial management
and debt reduction program to strengthen its balance sheet and support growth expansion.
It also redeemed its P3-billion fixed-rate retail bonds in April 2022.
CPG said it is “cautiously optimistic” for 2024 even as the company expects to perform better on robust
demand for housing projects.
“Our outlook [for next year] is actually cautiously optimistic. There are many reasons why we believe it’s
going to be a good year. Our affordable housing business is growing very rapidly. As you are probably
aware, we’ve launched many projects,” CPG president and chief executive Marco Antonio said.
“I think overall, 2024 should be a banner year for the company,” he said.