Property developers A. Brown Co. Inc. (ABCI) and Century Properties Goup Inc. (CPG) announced the dividend rates for their respective planned preferred shares offering.
CPG said in a disclosure to the stock exchange Tuesday the primary offering of 20 million Series B preferred shares with an oversubscription option of up to 20 million would carry a coupon rate of 7.5432 percent per annum.
The company plans to raise up to P4 billion from the equity offering which it will use to pay the company’s fixed rate thee-year bonds, which will mature next month, partially fund the strategic land banking of PHirst Park Homes and capital expenditures of Azure North development as well as general corporate requirements.
China Bank Capital Corp. is the sole issue manager, underwriter and book runner for the transaction.
Meanwhile, ABCI set the dividend rate for the issuance of 10 million Series B and Series C preferred shares with an oversubscription option for another 5 million shares.
The company said the Series B preferred shares would have a dividend rate of 8.25 percent per annum, while the Series C preferred shares would carry 8.75 percent.
ABCI said it planned to raise up to P1.5 billion from the offering which it plans to use to support the development of pipeline real estate projects, land banking initiatives, funding requirements of subsidiary Irradiation Solutions Inc. and other general corporate purposes.
Both preferred shares offering will be listed on the Philippine Stock Exchange.