CENTURY Properties Group Inc. on Friday said its board of directors approved the flotation of $150 million (around P6.4 billion) in bonds, which will be listed in the Singapore Stock Exchange.
The company said in its disclosure to the Philippine Stock Exchange that it will hire the services of an issue manager and other agents for the offer, as it will be listed in Singapore.
“Any decision by the company to offer such debt securities will depend on a number of factors at the relevant time, many of which are not within the company’s control, including, but not limited, to prevailing interest rates, the financing requirements of the company, market liquidity, and the state of the Philippine, regional and global capital markets and economies,” the company said.
Century said it will offer the notes to only 19 nonqualified buyers and to any number of qualified buyers as defined in the country’s Securities and Regulations Code.
The company did not state where it will use the proceeds but company officials earlier said it will raise cash to fund its various projects in the country.
Century is currently developing the former site of International School in Makati City into Century City, a cluster of residential and commercial buildings.
The company earlier said it will transform tracts of land in Batulao, Batangas, into a fully integrated leisure, recreational, retail and residential destination in Southern Luzon.
Century said it will spend some P200 million for the first phase of the development of the 142 hectares of land situated in the hilly section of Batulao, located southwest of Metro Manila, right after Tagaytay City and on the way to the beaches of Nasugbu, Batangas.
“Our Batulao project will become a new destination that will give you reasons to stay for a meal, a weekend, or permanently as a resident. The boundaries of Mega Manila are now expanding to include transformative suburban communities that promote a progressive way of life in harmony with nature.
This development will further expand our offering to the market and will give immense value to our shareholders,” said Tim Hallett, the company’s COO for hospitality and project head of the Batulao development.
The development will be completed in phases, the first of which will cover 36 hectares. This phase will include an open-to-the-public section that covers a retail village, a market square and a commercial center with shop houses, or structures with merchandise on the ground level and residential spaces on the upper floors, it said.
Meanwhile, the exclusive areas within the property include a premier country club with lagoons, a man-made beach cove and a lake that traverses the entire private residential section of the property.
Source: Businessmirror | January 30, 2015