The Century Properties Group Inc. has completed its P2 billion perpetual, cumulative, series B preferred shares follow-on offering at the Philippine Stock Exchange.
“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,” Ponciano S. Carreon, Jr, company CFO, said.
China Bank Capital Corp. acted as 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,” company president and CEO Marco R. Antonio said.
In January, CPG announced the pursuit of two projects this year under its premium in city line: The Hotel Residences at Acqua in Mandaluyong City and the mid-rise residential development at Azure North in San Fernando, Pampanga.
CPG has successfully diversified into the first-home market to serve the unmet housing demand and further strengthen its position in key destinations around the country.
Phirst, now fully owned by CPG, is expanding geographically to achieve a nationwide presence.
Phirst successfully launched Phirst Park Homes Bacolod, fueling its expansion in the Visayas region. It plans to open at least six new subdivisions this year. Phirst aims to close 2024 with 26 active First-Home development projects.
