The Securities and Exchange Commission (SEC) has approved the preferred share offering of property developer Century Properties Group Inc.
The CPG said it now has permit to offer 20 million series B preferred shares with provisions for oversubscription of up to 20 million shares at P100 apiece.
The securities carry an initial dividend rate of 7.5432 percent and will be traded on the main board of the Philippine Stock Exchange Inc.
A Brown also received the green light from the SEC for the domestic sale of 10 million series B and C preferred shares with an oversubscription option of 5 million shares. These will be issued out of a 50-million preferred share shelf registration and sold at P100 apiece.
Series B shares carry a dividend rate of 8.25 percent with the C series C at 8.75 percent. Both carry optional redemption dates.
Proceeds will support the development of pipeline real estate projects in Mindanao and Luzon, land banking initiatives and other general corporate purposes, the company said.
A Brown has assigned PNB Capital and Investment Corp. as sole issue manager, lead underwriter and sole bookrunner.
“Among our high-priority developments are Coral Bay Suites and Alexandrite Columns, both of which are condominiums with resort amenities and scenic views,” A Brown president and CEO Robertino E. Pizarro said.
The projects mark A Brown’s first venture into vertical development. It raised P1.33 billion from its initial preferred share sale in 2021.
A Brown said its reservation sales have increased the past three years with 2022 sales reaching P2.62 billion.
CPG shares closed on Tuesday at P0.265 apiece. A Brown shares last traded at P0.63 apiece.
