Century Properties Group Inc. said Monday it fully redeemed its P3-billion cumulative, non-voting, non-convertible, non-participating, redeemable peso-denominated preferred shares issued by the company and listed on the Philippine Stock Exchange on January 10, 2020.
The company’s board of directors approved the optional redemption of CPGP in its special board meeting on May 12, 2023. The preferred shares were redeemed at its redemption price of P100 per share, pursuant to the terms set out in the prospectus dated Dec. 12, 2019.
“The full redemption of the preferred shares is part of our strategic program that is anchored on prudent financial management and debt reduction with the goal of strengthening our balance sheet to support our growth expansion.” said CPG chief finance officer Ponciano Carreon Jr.
“We continue to see an active and liquid domestic capital markets, and we intend to tap the same if needed for our capital funding purposes,” Carreon said.
CPG’s outstanding total debt as of the end of December 2022 was down to P17.3 billion, from P18.4 billion the previous year on repayment of P1.1 billion short-term and long-term debt.
CPG also redeemed its P3-billion fixed-rate retail bonds in April 2022.