Century Properties Group (CPG) has fully acquired PHirst, its first-home residential venture, marking a milestone five years after entering a joint venture with Mitsubishi Corp.
In May, CPG’s board of directors approved the company’s acquisition of a substantial 40 percent ownership stake previously held by Mitsubishi Corp. in two entities, PHirst Park Homes, Inc. (PPHI) and Tanza Properties Inc. (TPI) via a share purchase agreement.
Subject to regulatory approvals, the acquisition has been greenlit by the Philippine Competition Commission in August and creditors.
Jose E.B. Antonio, CPG executive chairman, emphasized the strategic importance of this acquisition.
“This pivotal move allows us to offer greater value to our stakeholders now that CPG is the 100 percent owner of a fast growing and high margin business,” Antonio said.
