CPG fully redeems P3 billion preferred shares

MANILA, Philippines — Century Properties Group Inc. (CPG) fully redeemed yesterday its P3 billion preferred shares.

CPG issued and listed the cumulative, non-voting, non-convertible, non-participating, redeemable peso-denominated preferred shares on the Philippine Stock Exchange (PSE) in July 2020.

The company said the full redemption of the preferred shares is part of its strategic program that is anchored on prudent financial management and debt reduction with the goal of strengthening its balance sheet to support growth expansion.

“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,” said Ponciano Carreon, Jr., CPG’s chief finance officer.

The company’s board of directors approved the optional redemption of the shares in its special meeting last May 12, 2023. The preferred shares were redeemed at the price of P100 per share, pursuant to the terms set out in the prospectus dated December 12, 2019.

CPG’s outstanding total debt as of the end of December 2022 was down to P17.3 billion, from P18.4 billion the previous year due to repayment of P1.1 billion short-term and long-term debt.

In April 2022, CPG also redeemed its P3 billion fixed-rate retail bonds.

The company is primarily engaged in the development, marketing, and sale of mid- and high-rise condominiums and single-detached homes, leasing of retail and office space, and property management.

As of December 31, 2021, the company completed 34 projects.

At present, it has six wholly-owned 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.

The company is venturing into socialized, economic and mid-income residential projects as it seeks to capitalize on the success of its PHirst Park Homes, which already had 13 new launches plus two more on the horizon.

PPHI will cap the year with 15 launches.

Last year, CPG likewise announced the launch of the business segment’s new 100 percent subsidiary, Century Phirst Corp.