LISTED property developer Century Properties Group, Inc. said its board had approved the issuance of preferred shares that could generate up to P5 billion.
In a regulatory filing on Wednesday, the board approved the offering of up to 50 million of the company’s Series B preferred shares, which would be for sale or subscription via a follow-on public offering at an offer price of P100 per share.
The shares, which have a par value of 53 centavos, will come from the existing unissued authorized capital stock of the company. The offering was approved during a special board meeting.
The board of Century Properties also approved the move to apply for the registration of the offer shares with the Securities and Exchange Commission and the listing of the offering with the Philippine Stock Exchange, subject to their approval.
Century Properties has business interests 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.
In the first half, Century Properties logged a 15.5% increase in its attributable net income to P324.26 million compared with P280.63 million a year ago. The company’s revenues climbed 19.9% to P5.31 billion.
On Wednesday, shares of Century Properties at the local bourse closed unchanged at 32 centavos apiece. — Revin Mikhael D. Ochave