PHOTO/Century Properties website
MANILA, Philippines –Century Properties Group Inc. (CPG) is planning to raise up to P3 billion from a five-year peso-denominated fixed-rate corporate note issuance as it seeks additional funds for its operations and future growth initiatives.
The Antonio family-led real estate firm said on Tuesday that its board of directors approved the issuance of up to P3 billion worth of corporate notes during a special board meeting held on June 23.
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The company plans to list the offering on the Philippine Dealing & Exchange Corp. (PDEx) and sell it exclusively to qualified buyers. As such, the issuance is exempt from registration with the Securities and Exchange Commission.
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The property developer said proceeds will fund working capital, land banking and other corporate needs.
Land banking refers to the acquisition and holding of land parcels for future development projects, a strategy commonly employed by property firms to secure future growth opportunities.
According to the disclosure, the company will issue the five-year notes within June 2026. The company will issue the securities in scripless form, with a P25-million minimum denomination and P5-million increments.
CPG is tapping the capital markets anew as developers seek liquidity in a competitive real estate market.
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The company will offer the notes only to qualified buyers, excluding the general investing public. Qualified buyers typically include institutional investors and other entities that meet regulatory requirements for participation in such offerings.
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CPG said it would provide the Philippine Stock Exchange with all material documentation and regulatory filings related to the transaction.
The company, one of the country’s listed property developers, said the fundraising initiative forms part of its efforts to support ongoing corporate requirements while strengthening its capacity to pursue future development opportunities through land acquisitions and other strategic investments. /pai INQ
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