Property developer Century Properties Group Inc. (CPG) expects to raise up to P5 billion from the issuance of preferred shares.
CPG said in a disclosure to the stock exchange Wednesday its board approved the issuance of up to 50 million preferred shares by way of a follow-on public offering at an offer price of P100 apiece.
The management will finalize the terms and conditions of the preferred shares including the timetable of the offering.
The preferred shares will be issued from the company’s existing unissued authorized capital stock. They will be registered with the Securities and Exchange Commission and will be listed on the Philippine Stock Exchange.
CPG has been aggressively expanding into other sectors of the housing industry after it acquired the shares of joint venture partner Mitsubishi Corp. in unit PHirst Park Homes.
PHirst Park Homes, which targets first-time homebuyers, has projects in Lipa and Batulao in Batangas; San Pablo and Calamba in Laguna; Naic, General Trias and Tanza in Cavite; Baliwag and Pandi in Bulacan; Tayabas in Quezon; Magalang in Pampanga; Balanga in Bataan; and Gapan in Nueva Ecija
It recently announced plans to venture into economic and mid-income residential projects to expand its housing portfolio, which consist of high-rise developments and affordable house-and-lot developments.
Source: Manila Standard
