Century Properties gets nod to acquire joint-venture shares

THE Philippine Competition Commission (PCC) has approved Century Properties Group, Inc.’s (CPGI) acquisition of voting shares in Century City II Development Corp. (Century Development II).

CPGI will acquire common shares representing 40% of the total outstanding capital stock in Century Development II from FMT Kalayaan, Inc.

Century Development II is a joint venture between Century City Development Corp. and FMT Kalayaan, Inc.

CPGI will acquire sole control after the termination of the joint-venture agreement, and after the sale of FMT Kalayaan to CPGI of its 511,561,143 common shares of stock in Century Development II.

The 40% of the total outstanding capital stock has a par value of P1 each. The purchase price of the sale shares is P1.9 billion.

The proposed transaction is not likely to result in competition concerns because it will not change the structure of the office leasing market, PCC said in a press release on Wednesday.

The commission said there are enough competitive constraints from others in the office leasing market in Makati City and Bonifacio Global City after the transaction.

PCC will take no further action.

CPGI is a publicly listed company in real estate development. Its parent company Century Properties, Inc. works on real estate development, selling and leasing, property management services, asset management services, marketing and promotion of service, and hospitality and leisure.

The commission, which reviews big-ticket mergers and acquisitions, received five notifications with a combined value of P49.3 billion since it restarted notifications in mid-May. — Jenina P. Ibañez