Century Properties Group Inc. raised P2 billion through the sale of its Series B preferred shares.
The shares – perpetual, cumulative, non-participating, non-voting, redeemable, and non-convertible –carry a dividend rate of 7.5432 percent.
“We are very pleased with the investors’ reception of our issuance which allowed us to price at the tighter end of the marketing spread,” said Ponciano Carreon, Jr, Century Properties chief finance officer.
“The timing for the issuance was also good as the benchmark interest rates have started to move lower with the easing of inflationary pressures,” Carreon added.
China Bank Capital Corp. acted as the sole issue manager, lead underwriter, and bookrunner for the transaction.
Marco Antonio, Century Properties chief executive officer said the proceeds of the share sale “will help the company to fortify its commitment to prudent financial management and facilitate sustained expansion efforts.”
