MANILA -- Listed property developer Century Properties Group, Inc. (CPG) has received the approval of its listing application from the Philippine Stock Exchange (PSE) for its offering of up to PHP3 billion worth of preferred shares.
Proceeds of the offering will be used for its expansion into the commercial leasing business, specifically for a new office development and to fund the capital expenditures of its leasing projects.
The PSE approved CPG’s listing of up to 30 million preferred shares to cover the follow-on public offering of the company at an offer price of PHP100 per offer share. A primary offering of 20 million shares will be offered to the public.
In the event of an oversubscription, the sole issue manager, lead underwriter, and sole bookrunner, in consultation with the company, reserves the right but not the obligation to increase the offer size by up to an additional 10 million shares.
Dividend rate is set at 6.7177 percent per annum. Dividends shall be paid quarterly, every January 10, April 10, July 10, and October 10 of each year.
The offer period will be from December 16, 2019 to January 3, 2020, while the target listing date will be on January 10, 2020.
The preferred shares will be issued out of the unsubscribed capital stock of the company. It will be listed on the main board of the PSE under the trading symbol, “CPGP.”
China Bank Capital Corporation is the sole issue manager, lead underwriter and sole bookrunner for the transaction.
CPG Chief Finance Officer Ponciano Carreon said the offering is part of the company’s bullish business expansion.
From being primarily focused on high-rise condominiums, the company rolled out a diversification program four years ago to enter into allied real estate segments: affordable horizontal housing business outside of Metro Manila through the brand PHirst Park Homes, commercial leasing to boost its recurring revenue streams, and a new line of in-city developments with medium-rise buildings.
Early this year, CPG successfully raised PHP3 billion from a bond offering that will be used for its affordable housing and townhome projects. (PR)
