The Philippine Stock Exchange approved the P3-billion preferred shares offering of Century Properties Group Inc., the listed property company of the Antonio family.
CPG is offering 20 million preferred A shares with an over-allotment of 10 million shares at price of P100 apiece.
The preferred shares will carry an interest rate of 6.7177 percent yearly, with the offering period to start from from December 16, 2019 to January 3, 2020.
The preferred shares will be listed in the Philippine Stock Exchange on January 10, 2020. China Bank Capital is the sole issue manager and underwriter of the offering.
The company plans to use the net proceeds from the offering to finance the development of leasing projects within Century City in Makati.
CPG early this year issued P3 billion worth of fixed-rate bonds due in 2022 with a interest rate of 7.8203 percent yearly.
CPG registered a net profit of P1.2 billion in the first nine months of the year, up 81 percent from P661 million year-on-year. Consolidated revenues rose 36 percent to P9.8 billion from P7.2 billion on year.
The company completed Roxas West Tower with 500 units at the Residences at Commonwealth in Quezon City in the first nine months of 2019. It also completed
the Iguazu YOO inspired by Starck tower with 492 units at Acqua Private Residences; the Bahamas tower with 846 units at Azure Urban Resort Residences in Parañaque City, fully completing the nine-tower, man-made beach development; and PHirst Park Homes Tanza, Cavite with 517 housing units.
CPG is expected to substantially complete Quirino West and East towers at Commonwealth with 1,015 units before the end of the year; the 41-story Century Diamond Tower office building at Century City Makati with 63,110 square meters of gross floor area; and 325 more housing units at PHirst Park Homes Tanza and Lipa.
CPG’s affordable housing segment in October launched the first 900 homes in PHirst Park Homes Pandi, Bulacan, its first project in Central Luzon after Tanza in Cavite Lipa in Batangas and San Pablo in Laguna.