The Securities and Exchange Commission approved the P3-billion preferred shares offering of Century Properties Group Inc.
CPG said in a disclosure to the stock exchange the SEC approved a planned offering of 20 million preferred A shares, with an oversubscription option of up to 10,000,000 preferred A shares at a price of ₱100 apiece.
CPG tapped ChinaBank Capital as the sole issue manager and underwriter of the offering.
The company plans to use the net proceeds from the offering to finance development of leasing projects within Century City in Makati.
Meanwhile, Century posted a net income of P1.2 billion in the first nine months of the year, up 81 percent from P661 million on year.
Nine-month consolidated revenues rose 36 percent to P9.8 billion from P7.2 billion year-on-year.
