Century Properties Group, Inc. is raising its authorized capital stock to P9 billion from P5 billion to allow the issuance of a P1-billion stock dividend.

In a disclosure to the Philippine Stock Exchange, the firm said it is issuing 2 billion common shares from the planned hike in authorized capital to 8 billion shares from the current 2 billion. Par value is P0.53 per share.

The current authorized capital stock of CPG is 10 billion shares with 9.69 billion issued shares.

The planned increase in its capital stock is subject to shareholders’ approval during its Annual Stockholders Meeting on July 23, 2014. The stock dividend will represent the minimum 25 percent subscribed and paid-up capital.

Century Properties planned the issuance of stock dividends in addition to its regular dividends as a gesture of thanking its shareholders for the support it has given the Company in the last two years.

The Company has seen its revenues grow to P10.8 billion as of year end 2013, which represents a compounded annual rate of 52 percent from 2011.

Profit grew to P1.84 billion as of year end 2013, which represents a compounded annual rate of 46 percent from 2011.

Source: Manila Bulletin | July 6, 2014