East Asia Power plans entry into property development

MANILA, Philippines - Century Properties Inc. is planning on expanding the business of newly-acquired East Asia Power Corp. (EAPC), including diversifying into property development.

In a disclosure to the Philippine Stock Exchange, EAPC said Century Properties is “contemplating on diversifying the company, but as of to date, has no concrete plans for the treatment of expanding the company in the property sector.”

Century Properties early this month closed a deal to acquire 93.59 percent of energy holding firm East Asia for P127.4 million. The shares were acquired from private shareholder El Paso Philippines Energy Co. Inc.

Owned by the family of businessman Jose Antonio, Century Properties has undertaken more than 40 major projects, including the posh Essensa East Forbes in Bonifacio Global City and Pacific Star Building. It has more than $2 billion in assets under management.

Its acquisition of EAPC has caused the latter’s share price to hit ceiling on speculations the upscale property firm would infuse its property assets into the company.