Century Property Group Inc., the property unit of Ambassador Jose Antonio, plans to raise up to P3 billion from the issuance of preferred shares.
Century said in a disclosure to the stock exchange its board approved an increase in the size of the planned preferred shares offering to P3 billion from the initial plan of P2 billion.
Century will sell 20 million preferred A shares with an oversubscription of up to 10 million preferred A shares at a price of P100 apiece.
The company will issue the preferred shares from the reclassification of 3 billion common shares with a par value of P0.53 each to three billion preferred shares with a par value of P0.53 apiece.
The preferred shares will be listed and traded under the main hoard of the Philippine Stock Exchange.
Century said it would file the necessary registration statement and prospectus with the Securities and Exchange Commission for approval.
No other details, including the timetable and use of proceeds from the offering, were available
Century in March also raised P3 billion from the issuance of three-year unsecured fixed rate retail bonds due in 2022 with coupon rate of 7.8203 percent per annum.
The company earlier reported plans to spend P30 billion in capital expenditures over the next three years amid the expansion of its residential portfolio with the development of mid-rise condominiums.
It identified properties in Quezon City, Mandaluyong and Pampanga as future sites for the planned venture.
The property firm has been diversifying its portfolio from being concentrated in high-rise condominium projects to other segments, such as affordable horizontal housing, leisure and tourism developments and for-lease properties.
The diversification plan started five years ago with the goal of serving unmet market demands and increasing revenue streams while exercising business prudence and maintaining a robust and healthy balance sheet.
Century by 2020 is set to triple its leasable space to 300,000 square meters from 133,000 sq. m. as of 2017, once all its office, retail and hotel developments are completed.
The company by that time expects the recurring income to account for 30 percent to 40 percent of the group’s total revenues.