Published on 06 March 2013 [
manilatimes.net ]
Written by MADELAINE B. MIRAFLOR
Listed
developer Century Properties Group, Inc. has raised P1.6 billion through an
overnight equity placement involving 800 million of its shares.
According to
Century Properties, it will use the proceeds from the placement to fund its
on-going land banking within Metro Manila and expansion of its projects outside
the metropolis.
Century
Properties Chief Financial Officer Carlo Antonio said that the placement was
priced at P2.05 per share, representing a 10-percent discount to the closing
price as of Tuesday or March 5, 2013.
“The
placement ended up being significantly oversubscribed at 2.4 times of the base
deal of 600 million shares, and ended up being upsized to 800 million shares.
We are pleased with the strong demand from a mix of high quality local and
international institutional investors, and this brings Century’s free float to
33 percent after the placement,” Antonio said.
Macquarie
Capital Singapore Pte. Ltd. served as sole global coordinator, and Macquarie
and Standard Chartered Securities Singapore Pte. Ltd. Bank served as joint
bookrunners.
Jose Antonio,
chairman of Century Properties, on the other hand, said that the firm is
looking to announce its planned acquisition of new land in Metro Manila, and
its first project in a secondary city in the next few months.
“Our main
focus will remain to be in Metro Manila, but after listening to many requests
from our overseas Filipino clients to bring Century products to their home
towns, we are confident our first steps towards meeting that strong demand will
be a success,” he added.
Century
Properties recently tapped Asian Carmakers Corp. for a P1-billion two-tower
project in Taguig City that the two firms intend to build this year. The two
companies formed a joint venture company for the project.
This project,
according to Century Properties, is part of its medium-term plan to expand its
portfolio to include commercial and tourism developments.
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