Century Properties redeems P3 B preferred shares

Century Properties Group has fully redeemed on its P3 billion Cumulative, Non-Voting, Non-Convertible, Non-Participating, Redeemable peso-denominated Preferred Shares issued and listed three years ago.

In a statement, the firm said its Board of Directors approved the optional redemption of the preferred share in its special board meeting last May 12, 2023.

The Preferred Shares were redeemed at its redemption price of P100 per share, pursuant to the terms set out in the Prospectus dated December 12, 2019.

“The full redemption of the Preferred Shares is part of our strategic program that is anchored on prudent financial management and debt reduction with the goal of strengthening our balance sheet to support our growth expansion,” said CPG Chief Finance Officer Ponciano S. Carreon, Jr.

He added that, “we continue to see an active and liquid domestic capital markets and we intend to tap the same if needed for our capital funding purposes.”

CPG’s outstanding total debt as of December 2022 was down to P17.3 billion, from P18.4 billion the previous year due to repayment of P1.1 billion short-term and long-term debt.

In April 2022, CPG also redeemed its P3 billion fixed-rate retail bonds.

If you like this article, share it on social media by clicking any of the icons below.

Or in case you haven’t subscribed yet to our newsletter, please click SUBSCRIBE so you won’t miss the daily real estate news updates delivered right to your Inbox.

The article was originally published in Manila Bulletin and written by James A. Loyola.