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Century Properties acquires subsidiary

Posted on November 08, 2012 10:09:05 PM [ BusinessWorld Online ]

DEVELOPER Century Properties Group, Inc. has fully acquired Century Properties Management, Inc., its property management services subsidiary, after it bought out a 20% stake held by a shareholder in the said unit, a disclosure to the Philippine Stock Exchange (PSE) showed yesterday.

“Century Properties would like to inform the Honorable [Securities and Exchange] Commission and the PSE that as of to date, a Memorandum of Agreement was executed by and among the corporation, Century Properties, Inc. (Century Properties’ parent), and Mrs. Maricel M. Romig for the sale of the 20% shareholdings of Mrs. Romig with Century Properties Management amounting to 10,000 shares of stock,” the disclosure read.

“The acquisition of the corporation of the remaining 20% shareholdings of Century Properties Management effected a change in ownership structure of Century Properties Management which is now a 100% wholly-owned subsidiary of the corporation,” the disclosure added.

Century Properties acquired the 10,000 Century Properties Management shares after Ms. Romig’s husband -- the shares’ original owner -- died, a Century Properties official said.

“The previous owner passed away and we bought the widow’s share,” Rafael G. Yaptinchay, Century Properties treasurer, said in a text message yesterday when asked for background on the developer’s purchase of Century Properties Management’s shares.

“[There will be] no change in management [of Century Properties Management] as we were absolute majority even before the sale,” Mr. Yaptinchay added.

Century Properties Management, incorporated in 1989, is currently engaged in facilities management, auction services, as well as lease and secondary sales, according to Century Properties’ 2011 annual report.

At present, Century Properties Management has 51 projects totaling a gross floor area (GFA) of 2.19 billion square meters in its portfolio, including the Asian Development Bank, BPI Buendia Center, Philippine National Bank Financial Center, Pacific Star Building, and Makati Medical Center.

Century Properties, for its part, was established in 1986 and is a high-end developer with over 40 projects in its total portfolio as of last year, according to its 2011 annual report.

It debuted on the PSE in September 2011 by way of backdoor listing, replacing dormant energy firm East Asia Power Resources Corp.
The company programmed last February a capital budget of approximately P7 billion for this year, nearly a bulk of which may be bankrolled by debt. As of end-2011, the developer had already completed 4,128 units in 20 condominium buildings, all with a total GFA of 548,262 square meters, according to its latest financial statement.

This portfolio is expected to grow upon the completion of four master-planned communities in Metro Manila and Cavite that will add a combined estimated GFA of 1.19 million square meters.

For the full year, Century Properties said last April that it expects to double its net income versus 2011 levels as it looks to book higher revenues from completed and ongoing projects, translating into a likely 2012 income of at least P1.73 billion, compared to a 2011 net income of P866 million.

The company saw its first-half net income surge by 91% to P944 million from a mere P496 million last year on the back of the strong sales performance of its property developments, while revenues in the period doubled to P4.9 billion versus P2.1 billion, year on year.

Shares of Century Properties lost 1.40% or two centavos to P1.41 yesterday from P1.43 last Wednesday. -- FJGDLF          
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