Century Properties plans P3-B unsecured fixed rate retail bonds

CENTURY PROPERTIES Group, Inc. on Monday said its board has approved the company’s application of public offering of unsecured fixed-rate peso denominated retail bonds in the amount of P2 billion with an oversubscription option of up to P1 billion.

A special board meeting was held on Monday, the company told the stock exchange.

The board also approved a resolution on the authority of Century Properties “to issue peso denominated retail bonds and the filing with the Securities and Exchange Commission of a registration statement and prospectus for the retail bonds under the provisions of the Securities Regulations Code.”

The company recently launched a new residential property in Pampanga, which offers 1,079 units valued at P1.9 billion.

It also recently expanded its office leasing business to a gross leasable area of 137,000 square meters, after it bought the 40% share of its joint venture partner in the Century Diamond Tower in Makati City.

The company’s profits jumped 74% to P571.48 million in the third quarter due to gains from investment properties and non-recurring losses that were recorded the prior year. — Arjay L. Balinbin