Century Properties Group Inc. said Tuesday it will increase its capital stock to P9.54 billion from P5.3 billion to cover a planned stock dividend declaration.

Century Properties said in a disclosure to the stock exchange its board approved the proposed capital hike to cover the declaration of stock dividend amounting to 2 billion common shares at P0.53 apiece for a total of P1.06 billion.

The stock dividends will be issued to all shareholders as of record date and will be determined by the Securities and Exchange Commission.

The property firm announced last week its board approved the public offering of unsecured fixed-rate peso denominated retail bonds worth P2 billion, with an option for P1-billion oversubscription.

It said the maiden bond issuance was in line with the company’s strategy to diversify funding base and pursue growth opportunities that enhance returns to shareholders over the medium and long term.

The bonds with tenors of three years, five years and seven years will be registered with the Securities and Exchange Commission and listed with Philippine Dealing and Exchange Corp.

Source: Manila Standard Today | June 25, 2014