SEC approves CPG’s preferred share offering

CENTURY Properties Group, Inc. (CPG) has secured clearance from the country’s corporate regulator to issue preferred shares that could raise up to P3 billion.

The Antonio-led property developer told the stock exchange Friday it received the permit to do the offering from the Securities and Exchange Commission (SEC) on Dec. 12.

The company applied to register a primary offer of 20 million preferred shares with an oversubscription option of up to 10 million preferred shares.

It will have an initial dividend rate of 6.7177% per annum and an offer price of P100 per preferred share, which would generate P3 billion for the company if oversubscribed.

The shares will be listed and traded on the main board of the Philippine Stock Exchange, Inc.

CPG initially planned to offer 10 million preferred A shares with an oversubscription option of up to 10 million preferred shares. It was tentatively priced at P100 per share, which would have raised P2 billion if oversubscribed.

The company is allocating P30 billion in capital expenditures in the next three years to fund its expansion and complete ongoing projects.

In the nine months to September, its earnings soared 81% to P1.2 billion on the back of new projects completed over the period.

Shares in CPG at the stock exchange dipped 0.01 points or 1.82% to P0.54 each on Friday. — Denise A. Valdez