Adheres to prudent financial stewardship and targets sustained growth
February 22, 2024 – Property developer Century Properties Group, Inc. (CPG:PM) completed its Php2 billion perpetual, cumulative, non-participating, non-voting, redeemable, non-convertible Series B Preferred Shares (“CPGPB”) follow-on offering with the bell-ringing at the Philippine Stock Exchange (PSE) today.
“We are very pleased with the investors’ reception of our issuance which allowed us to price at the tighter end of the marketing spread and set the dividend rate at 7.5432%,” said Ponciano S. Carreon, Jr, CPG Chief Finance Officer. “The timing for CPGPB issuance was also good as the benchmark interest rates have started to move lower with the easing of inflationary pressures,” he added.
China Bank Capital Corporation acted as the sole issue manager, lead underwriter, and bookrunner for the transaction.
“On behalf of CPG, we are grateful to our institutional and retail investors, transaction partners, dedicated working group, and stakeholders for their unwavering trust. The success of this undertaking is a testament to our combined efforts and their enduring support and confidence in CPG’s growth,” said CPG President and CEO Marco R. Antonio. “The proceeds of this fundraising will help the company to fortify its commitment to prudent financial management and facilitate sustained expansion efforts,” he added.
Last month, CPG announced two projects for the first half of 2024 under its Premium In City Line: “The Hotel Residences at Acqua” in Mandaluyong City, offering move-in ready suites, and a mid-rise residential development at Azure North in San Fernando, Pampanga, with the first tower offering 375 units. The development will offer multi-feature water-park amenities, giving a unique and appealing dimension to resort living.
CPG has successfully diversified into the First-Home market to serve the unmet housing demand and further strengthen its position in key destinations within the country. PHirst, now fully owned by CPG, is expanding geographically to achieve a nationwide presence with sustainable product delivery. Recently, PHirst successfully launched PHirst Park Homes Bacolod, fueling its expansion in the Visayas region. With plans to open at least 6 new subdivisions this year, PHirst aims to close 2024 with 26 active First-Home developments.
