PROPERTY developer Century Properties Group Inc. (CPG) completed its P2-billion perpetual, cumulative, nonparticipating, nonvoting, redeemable, nonconvertible Series B Preferred Shares (CPGPB) follow-on offering with the bell-ringing at the Philippine Stock Exchange on Feb. 22, 2024.

"We are very pleased with the investors' reception of our issuance, which allowed us to price at the tighter end of the marketing spread and set the dividend rate at 7.5432 percent," CPG Chief Finance Officer Ponciano Carreon Jr. said.

"The timing for CPGPB issuance was also good, as the benchmark interest rates have started to move lower with the easing of inflationary pressures," Carreon added.

China Bank Capital Corp. acted as the sole issue manager, lead underwriter and bookrunner for the transaction.

"On behalf of CPG, we are grateful to our institutional and retail investors, transaction partners, dedicated working group and stakeholders for their unwavering trust. The success of this undertaking is a testament to our combined efforts, and their enduring support and confidence in CPG's growth," CPG President and Chief Executive Officer Marco Antonio said.

"The proceeds of this fundraising will help the company to fortify its commitment to prudent financial management and facilitate sustained expansion efforts," Antonio added.