SEC clears Century Properties Group’s offering

LISTED CENTURY Properties Group, Inc. (CPG) has secured the green light from the Securities and Exchange Commission (SEC) for the company’s follow-on public offering of up to 40 million Series B preferred shares.

The company received the certificate of permit to offer securities for sale on Feb. 5, CPG said in a regulatory filing on Tuesday.

The offering includes a base offer of 20 million Series B preferred shares, with an option to oversubscribe for up to 20 million more at P100 each.

The offering has an initial dividend rate of 7.5432% per annum.

The company aims to raise as much as P4 billion from the issuance if the oversubscription option were to be fully exercised.

The offer period started on Feb. 6 and will end on Feb. 13. The issue date is on Feb. 22.

CPG said it would use the proceeds for the partial repayment of the company’s fixed-rate three-year bonds issued in March 2021.

The proceeds would also be used for strategic land banking, capital expenditures and other general corporate obligations, it noted.

The company tapped China Bank Capital Corp. as the sole issue manager, lead underwriter, and bookrunner for the transaction.

Recently, CPG announced plans to launch two projects in the first half. These projects include the Hotel Residences at Acqua development in Mandaluyong City, set to launch in the first quarter, as well as the first mid-rise 12-storey residential project at Azure North in San Fernando, Pampanga, scheduled for launch in the first half.

Shares of CPG dropped by P0.005 or 1.85% to P0.265 apiece on Tuesday. — Revin Mikhael D. Ochave