Published : Saturday, October 29, 2011 00:00 [ manilatimes.net ]
Written by : Krista Angela M. Montealegre
CENTURY Properties Group Inc. obtained regulatory approval to raise its capitalization, paving the way for its backdoor listing in the Philippine Stock Exchange.
Documents from the Securities and Exchange Commission showed it approved Friday the increase in the authorized capital stock of Century Properties from P6 billion to P10 billion divided into 10 billion common shares with a par value of P1 apiece.
Century Properties Inc., the Century Group’s flagship firm, will subscribe to the capital increase in exchange for all of its shares in its units, namely Century Properties Management Inc., Century Communities Corp., Century Limitless Corp. and Century City Development Corp.
Last month, the company obtained shareholder approval for the transaction.
With the share-swap, Century Properties will infuse its property businesses into dormant energy holding firm East Asia Power Resources Corp.
CPI completed in July the acquisition of 93.59 percent of East Asia from private shareholder El Paso Philippines Energy Co. Inc. for P127.4 million.
The SEC also approved the decrease in the authorized capital stock by reducing the par value of the company’s common shares to generate additional surplus required to completely wipe out its remaining deficit at end-July after a planned equity restructuring.
This will allow the company to declare dividends from any future income, Century Properties said.
Century Properties is also changing the company’s purpose from power generation to property development.
The 25-year-old real estate firm is the developer of Essensa East Forbes in Fort Bonifacio and The Centurion in New York. The property firm also plans to bring to the Philippines the Trump Tower of New York property magnate Donald Trump. Century Properties’ portfolio covers 63 vertical buildings under management and development with over 42 million square feet; and more than 10,000 residential, office and commercial units.