Century Properties Group Inc. (CPGI) is realigning P500 million of its P2.96 billion preferred share sale in December to working capital following its acquisition of a partner’s stake in a project.
Century Properties said the amount will be deducted from the P1.8-billion allocation for a 28,800 square meter (sq.m.) office building in Century City Makati.
The reallocation is pursuant to Century Properties’ purchase of the 40 percent stake of Mitsubishi Corp. in Century Diamond Tower which was partially funded by its working capital funds.
The company said the reallocation is beneficial to Century Properties’ strategy of growing both its commercial leasing and affordable housing segments in line with the company’s expansion into high-margin businesses.