REAL estate developer Century Properties Group Inc. (CPG) has completed a P2.0-billion follow-on offering of Series B perpetual preferred shares, with a bell-ringing ceremony held at the Philippine Stock Exchange (PSE) on Thursday.

"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," company Chief Finance Officer Ponciano Carreon Jr. said in a disclosure.

CPG President and Chief Executive Officer Marco Antonio thanked the company's institutional and retail investors, transaction partners, dedicated working group and stakeholders "for their unwavering trust" and "enduring support and confidence in CPG's growth."

Proceeds of the issuance will be used to help fortify CPG's "commitment to prudent financial management and facilitate sustained expansion efforts," Antonio added.

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

The bourse earlier this month cleared CPG's issuance of an initial 20 million preferred shares, with an oversubscription option of up to 20 million shares, at a price of P100 each.

The peso-denominated cumulative, nonvoting, redeemable and nonconvertible Series B preferred shares were offered from February 6-13, with China Bank Capital Corp. as the sole issue manager, lead underwriter and bookrunner.

Based on its February 2 prospectus, CPG may buy the preferred shares at any time in the open market or via a public tender or private contract at any price through the PSE upon listing.

"The Series B preferred shares so purchased may either be redeemed and canceled or kept as Treasury shares, as applicable," the prospectus states.

CPG shares rose by 1.79 percent to close at 28.5 centavos each on Thursday.

Read The Rest at :