LISTED Century Properties Group Inc. disclosed on Thursday its planned increase in capitalization to P9.54 billion.

The company’s board of directors green lighted the hike in authorized capital stock from P5.3 billion, divided into 10 billion common shares at P0.53 apiece, divided into 18 billion common shares, each valued P0.53.

The increase in capital stock at an aggregate price of P4.24 billion, and the corresponding payment by way of the declaration of stock dividends equivalent to 2 billion common shares amounting to P1.06 billion would be taken out of the firm’s retained earnings.

For the first quarter which ended on March 31, the group posted an increase of 8.2 percent in terms of revenues from real-еstatе sales amounting to P2.39 billion from P2.21 billion in the same period of 2013.

Source: BusinessMirror | July 24, 2014