The Century Properties Group Inc. board has approved the company’s follow-on offering of preferred shares seen raising as much as P5 billion.
In a regulatory filing, the approval related to the issuance of up to 50 million preferred shares with a par value of 53 centavos from the unissued authorized capital stock as series B preferred shares.
The shares will be offered at P100 apiece and will be listed at the Philippine Stock Exchange Inc. CPG shares closed at 32 centavos on Wednesday.
CPG reported income for the first half rosing 20 percent to P656 million from only P548 million last year.
Revenue rose 27 percent to P6.74 billion from P5.31 billion last year.
CPG executive chairman Jose E.B. Antonio said revenue growth was driven by the strong contribution of its first home residential brand Phirst Park Homes Inc. of P3.5 billion or 52 percent of CPG’s consolidated revenue. A year earlier, this represented a 48 percent share of revenue totaling P2.6 billion.
The balance was provided by vertical development, commercial leasing and property management segments that contributed P2.4 billion, P670 million and P217 million, respectively.
“The demand for quality and strategically located first homes have proven to be resilient and even stronger and CPG was well-prepared to serve this market with its First-Home Brand. We are aiming to maintain this growth trajectory as we launch new projects,” Marco R. Antonio, president and CEO, said.
