Century Properties Group Inc. (CPG) recently disclosed plans for the implementation and issuance of stock dividends amounting to two billion shares from its proposed application of an increase in its capital stock subject to shareholders’ approval during its annual stockholders meeting on July 23.
In a disclosure to the Philippine Stock Exchange, the company said its board of directors reaffirms the resolutions on the stock dividends that were passed in 2013 wherein two billion shares out of the intended eight billion shares increase in capital stock, which represent the minimum 25 percent subscribed and paid-up capital will be applied as stock dividends.
This is pursuant to Section 38 of the Corporation Code of the Philippines.
The current authorized capital stock of CPG is 10 billion shares with 9,685,287,027 issued shares.
Pro forma for the increase in capital stock, 18 billion shares will be its authorized capital stock, with two billion shares issued by way of subscription via stock dividends.
The company’s issuance of stock dividends is non-dilutive. While there is an increase in authorized capital stock, the two billion shares will be proportionately distributed to each of the stockholders of 9,685,287,027 shares of stock.
The board of directors delegated to the chief financial officer the decision to determine the record date and payment date for the stock dividends.
Century Properties planned the issuance of stock dividends in addition to its regular dividends as a gesture of thanking its shareholders for the support it has given the company in the last two years.
The company has seen its revenues grow to P10.8 billion as of year end 2013, which represents a compounded annual rate of 52 percent from 2011.
Profit grew to P1.84 billion as of year end 2013, which represents a compounded annual rate of 46 percent from 2011.
With 28 years in the real еstatе industry, CPG has completed 25 condominium and commercial buildings (8,777 units) with a total GFA (with parking) of 873,127 square meters.
The roster of noteworthy developments include the award-winning Essensa East Forbes in Fort Bonifacio, South of Market in Fort Bonifacio, SOHO Central in the Greenfield District of Mandaluyong City, Pacific Place in Ortigas, a collection of French-inspired condominiums in Makati City called Le Triomphe, Le Domaine and Le Metropole, and the Gramercy Residences in Century City, Makati City.
Century also formally launched the Century City Mall in March 2014, its initial foray into retail development.
In the last five years, CPG has developed premium market leadership through design and partnering with world renowned brands such as Trump for the Trump Tower at Century City, Missoni Home for AcquaLivingstone, Versace Home for Milano Residences, John Hitchcox and Philippe Starck through yoo inspired by Starck for Acqua Iguazu residences, and Armani/Casa and Studio Daniel Libeskind for Century Spire.
Source: The Daily Tribune | July 7, 2014