PSE approves CPG preferred shares offering

CENTURY Properties Group, Inc. (CPG) said it has gained the approval of the Philippine Stock Exchange (PSE) for its preferred shares offering of up to P3 billion.

In a statement Monday, the Antonio-led property developer said it received the go-ahead from the local bourse operator to list up to 30 million preferred shares at an offer price of P100 per share.

It will be composed of a primary offering of 20 million shares to the public, which may be oversubscribed by up to 10 million shares.

The offer started yesterday and will last until Jan. 3. CPG priced the dividend rate at 6.7177% per annum, which will be paid quarterly starting on the 10th of January of every year.

CPG tapped China Bank Capital Corp. as the sole issue manager, lead underwriter and sole bookrunner for the transaction.

“The preferred shares will be issued out of the unsubscribed capital stock of the company. It will be listed on the main board of the PSE under the trading symbol, ‘CPGP,’” it said.

Proceeds from the offering will be used to fund the company’s expansion of its commercial leasing business, specifically the development on new office spaces, and boost its capital expenditures for leasing projects.

CPG said the offer is proof of its “bullish business expansion” plans, from “being primarily focused on high rise condominiums” to extending its presence into affordable horizontal housing, commercial leasing and in-city developments with medium-rise buildings.

The company booked an 81% jump to P1.2 billion in its earnings during the first three quarters of the year, driven by the returns from its newly completed projects. It allocated a P30-billion capital expenditure for the next three years.

Shares in CPG saw a 3.70% uptick to P0.56 each on Monday. — Denise A. Valdez