Connect with us

Hi, what are you looking for?


CPG fully redeems preferred shares worth P3 billion

CENTURY Properties Group, Inc. (CPG) said on Monday that it had fully redeemed its preferred shares at P100 per share for a total of P3 billion.

In a media release, the company said its board of directors had approved the optional redemption of its cumulative, nonvoting, non-convertible, nonparticipating, redeemable peso-denominated preferred shares.

“The full redemption of the preferred shares is part of our strategic program that is anchored on prudent financial management and debt reduction with the goal of strengthening our balance sheet to support our growth expansion,” said CPG Chief Financial Officer Ponciano S. Carreon said.

“We continue to see an active and liquid domestic capital markets and we intend to tap the same if needed for our capital funding purposes,” Mr. Carreon added.

The preferred shares were originally listed on the Philippine Stock Exchange on Jan. 10, 2020.

The company earlier said in its prospectus that it would offer about 20 million preferred shares with an oversubscription option of 10 million preferred shares par valued at P0.53 per share.

The shares were offered at P100 apiece with a dividend rate of 6.7177% per annum with a tenor of 3.5 years.

The company said that it might redeem the preferred shares on the sixth month of the third anniversary of the listing date or on any dividend payment date in whole at a redemption price equal to its original offer price.

It said that net proceeds from the offering would be infused as equity or on loan to the company’s operating subsidiaries.

The subsidiaries would disburse the net proceeds as capital expenditures of Century City Development Corp.’s office development in Century City, which has a lot area of 2,000 square meters (sq.m.) and gross floor area of 40,000 sq.m.

Net proceeds would also be disbursed as working capital requirements for Century Limitless Corp.’s leasing project in Katipunan, Quezon City and in Mandaluyong City. 

CPG has six subsidiaries, namely: Century Communities Corp., Century City Development Corp., Century Limitless Corp., Century Properties Management, Inc., Century Destinations and Lifestyle Corp., and PHirst Park Homes, Inc. — Adrian H. Halili

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



The government’s borrowing bill was lower than expected last month as falling inflation and bumper tax revenues helped improve public finances. Figures from the...


Watford is to become the unlikely new home for Batman and Superman after Warner Bros confirmed that it is to go ahead with a...


The First Atkins Group continues its commitment to promoting food sufficiency as it unveils plans for its 8th cold storage facility. First Atkins Holdings...


The Prompt Payment Code (PPC) was introduced to the UK in December 2008 as a voluntary code of practice, administered by the Office of...


The Food and Drug Administration (FDA) has approved a vaccine for the prevention of shingles, a viral infection caused by the same virus that...


The Philippine tourism industry saw a substantial 75% increase in carbon dioxide (CO2) emissions from petroleum and electricity usage in 2022, coinciding with the...

You May Also Like

Top News

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...


The Toto site’s user-friendly interface makes it easy for both beginners and experienced gamblers to navigate through the various features. “¸ÔÆ¢Æú¸®½º site is a...


Almost 100 jobs are thought to be under threat at smart home energy technology manufacturer myenergi. The Grimsby firm, named one of the UK’s...


The number of small businesses planning to increase prices to their customers is set to rise dramatically this quarter, further fuelling inflationary pressures. A new quarterly analysis of...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.