CPG secures P2-B from preferred share offering


Property developer Century Properties Group Inc. (CPG) has raised P2 billion from its follow-on offering of perpetual, cumulative, non-participating, non-voting, redeemable, non-convertible Series B Preferred Shares (CPGPB). 

“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 S. Carreon, Jr. 

He noted that "the timing for CPGPB issuance was also good as the benchmark interest rates have started to move lower with the easing of inflationary pressures.”

China Bank Capital Corporation 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,” said CPG President and CEO Marco R. Antonio. 

He added that “the success of this undertaking is a testament to our combined efforts and their enduring support and confidence in CPG's growth.”

“The proceeds of this fundraising will help the company to fortify its commitment to prudent financial management and facilitate sustained expansion efforts,” noted Antonio.

The Philippine Stock Exchange had earlier approved the planned follow-on offering and listing by CPG of CPGPB worth up to P4 billion, lower than the initially planned P5 billion.

Documents at the PSE showed that CPG offered 40 million preferred shares at P100 per share consisting of a base offering of 20 million shares and an oversubscription option of another 20 million shares.

Last January, the Securities and Exchange Commission had approved the registration of these preferred shares consisting of a base offering of 30 million shares and an oversubscription of 20 million shares.