MANILA – Century Properties Group Inc on Wednesday said it raised funds from an overnight top up placement to finance its land banking initiatives and expand its projects outside Metro Manila.

In a disclosure to the Philippine Stock Exchange, the real еstatе company of former ambassador Jose E.B. Antonio said major shareholder Century Properties Inc sold 800 million common shares of the listed firm at P2.05 apiece, representing a 10 percent discount from the closing price of P2.28 per share on Tuesday.

“The total proceeds from the offering is expected to be P1.64 billion which will primarily fund the company’s land banking activities within Metro Manila and secondary cities outside Metro Manila,” Century said.

Century Properties will subscribe to the same number of shares sold during the placing tranche. Century said it will apply with the PSE for the listing of the common shares to be issued to Century Properties pursuant to the subscription tranche.

The placing and subscription transaction would close on Friday. Upon completion, public ownership in the listed firm will rise to 33.27 percent from 27.27 percent, while Century Properties’ stake in the property developer will fall to 66.73 percent from 72.73 percent.

Macquarie Capital (Singapore) Pte Ltd served as the sole global coordinator. Macquarie, along with Standard Chartered Securities (SIngapore) Pte Ltd, were the joint bookrunners.

Century grew its pre-sales by 16.6 percent to P21.4 billion last year from P18.4 billion in 2011, overshooting its P20-billion target on strong demand.

The listed property developer nearly doubled its earnings to P1.4 billion at end-September from the P723 million the previous year, with revenues increasing 104 percent to P7.2 billion from P3.5 billion the year before.

Source: Interaksyon | March 6, 2013