Property developer Century Properties Group Inc. plans to raise $100 million from a bond offering to support the company’s working capital, a company executive said.
“Standard Chartered is organizing a $100-million bond offering for the working capital,” Century Properties chairman Jose Antonio told reporters at the sidelines of an economic forum.
The company early this month raised P1.6 billion from an overnight equity placement to fund land acquisition and project expansion.
“The overnight placement recently, we will make that into full use for the land bank,” Antonio said.
Antonio said Century Properties’ reservation sales were expected to sustain strong growth, driven by expanding the middle class.
“We expect to grow between 10 to 15 percent for this year…We have consistently been very active in the property sector. We take the opportunities as they come. Right now, I feel the big story is actually the rising middle class in the Philippines. Century Properties is addressing the needs of the middle class,” he said.
Source: Manila Standard Today | March 14, 2013