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.