Century Properties to list more shares for compliance

MANILA, Philippines - Century Properties Group Inc. will list more shares to comply with the Philippine Stock Exchange’s requirement on the listing of all outstanding shares this year.

Century Properties co-chief operating officer Jose Marco Antonio said the real estate developer has filed its application to list more shares in the local bourse.

“It is already being deliberated right now by the stock exchange,” he said.

Under PSE rules, all types of shares of a public firm should be listed in the stock exchange. However, the requirements are not clear on the timeline for the listing of the shares.

A total of 3.55 billion or 36.67 percent of the real estate firm’s 9.68 billion outstanding shares are currently listed in the PSE.

Century Properties will list all outstanding shares this year but it has no plans to raise funds from the equity market, Antonio said.

He said the firm will launch at least P17 billion worth of new projects this year while completing the construction of existing developments.

Its reservation sales reached a new record of P24.6 billion last year, up 15 percent from P21.4 billion in 2012.

In January to September last year the company’s net income grew 12 percent to P1.6 billion from P1.4 billion a year earlier while consolidated revenues rose 12 percent to P8.1 billion.

With 28 years in the business of real estate development, marketing and property management, Century Properties has completed more than 20 condominium buildings, transforming 744,576 square meters of space into premier residential and office developments in and outside Metro Manila.

In 2011, Century Properties completed its backdoor listing through dormant energy firm East Asia Power Resources Corp.