Century Properties Group, Inc. (CPG), a real estate firm controlled by the Antonio family, said Thursday it raised P2 billion from the issuance of preferred shares.
CPG said in a disclosure to the stock exchange it completed the P2-billion fund raising activity with the listing of 20 million perpetual, cumulative, non-participating, non-voting, redeemable, non-convertible Series B preferred shares (CPGPB) in the main board of the Philippine Stock Exchange.
The preferred shares were priced at P100 apiece.
“We are very pleased with the investors’ reception of our issuance which allowed us to price at the tighter end of the marketing spread and set the dividend rate at 7.5432 percent,” said CPG chief finance officer Ponciano Carreon Jr.
“The timing for CPGPB issuance was also good as the benchmark interest rates have started to move lower with the easing of inflationary pressures,” he said.
The P2-billion fresh capital raised from the preferred shares issuance was less than the P5 billion earlier targeted by CPG.
It earlier filed with the Securities and Exchange Commission an application to issue 30 million shares with an oversubscription of up to 20 million shares.
China Bank Capital Corp. was the sole issue manager, lead underwriter and bookrunner for the transaction.
“On behalf of CPG, we are grateful to our institutional and retail investors, transaction partners, dedicated working group, and stakeholders for their unwavering trust. The success of this undertaking is a testament to our combined efforts and their enduring support and confidence in CPG’s growth,” said CPG president and chief executive Marco Antonio.
Antonio said the proceeds from the fundraising would “help the company to fortify its commitment to prudent financial management and facilitate sustained expansion efforts”.
CPG is primarily engaged in the development, marketing and sale of mid- and high-rise condominiums and single detached homes, leasing of retail and office space and property management.
The company completed 38 projects which included 33 residential projects as of Sept. 30, 2023. It also has five commercial leasing projects with 1,267 units and gross leasable area of 145,021 square meters.