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Century Properties gets green light for P1.6B top-up placement

Century Properties Group plans to raise up to P1.64 billion through a top-up offering to beef up its landbank and expand projects in select key cities outside Metro Manila.

In a disclosure to the Philippine Stock Exchange on Wednesday, Century Properties said its board approved the sale of up to 800 million common shares via a top-up placement at a price of P2.05 apiece. The offer price represents a 10 percent discount to  closing price of P2.28 per share om Tuesday, March 5.

A top-up offering accelerates a transaction by allowing participants to skirt tedious registration process by letting a company to lend out secondary shares. The proceeds from the offering flows back into the company, which will then purchase the same number of primary shares to be issued at a later date.

In the top-up placement involving Century Properties, the controlling stockholder will initially lend out secondary shares for sale to qualified buyers and institutional investors and then subscribe to the same number of new primary shares from Century Properties at the same price.

Macquarie Capital Pte. Ltd. Is the sole global coordinator and bookrunner together with  Standard Chartered Securities (Singapore) Pte. Ltd.

Once the transaction is completed, the controlling shareholders which comprise the family of businessman Jose E.B. Antonio, will trim its ownership in Century Properties to 66.73 percent from 72.73 percent.  The company’s public float, meanwhile, will increase to 33.27 percent from 27.27 percent.

Source: GMA News Online | March 6, 2013


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