The Philippine Stock Exchange (PSE) is lifting a five-day trading suspension on shares of East Asia Power Resources Corp. after the inactive but publicly traded company disclosed additional details relating to the backdoor listing plan of Antonio-led Century Properties Group.
The local bourse said trading of East Asia Power will resume on Thursday. The disclosure made on Wednesday elaborated further on plans for Century to take certain property development and management subsidiaries public via a share swap with East Asia Power.
In particular, the Century units involved are Century Properties Management Inc., Century Communities Corp., Century City Development Corp. and Century Limitless Corp. which will subscribe to shares of East Asia Power at P1 each. The move will be supported by an increase in the dormant firm’s authorized capital from P6 billion to P10 billion.
Century said the aggregate book value of its stake in the subsidiaries amounts to P2.95 billion as of end December 2010, although that figure could change pending the release of an updated financial report.
East Asia, which will be renamed Century Properties Group Inc. and its primary purpose changed to that of a real-estate developer, will also undergo an equity restructuring program to wipe out deficits.
East Asia will then make an equity offering for up to 3.33-billion common shares, equivalent to a 36-percent stake post-offering, for a yet to be determined price to meet the minimum 10-percent public float requirement of the PSE.
East Asia has called a special stockholders meeting on September 26 to approve the aforementioned corporate actions.
Century City Development handles the company’s mixed-use developments, including projects within the 3.4-hectare Century City complex in Makati City, the company’s web site showed. Century Management is a property management firm with 41 buildings in its portfolio.
Century Communities handles the group’s horizontal developments, while Century Limitless is the group’s brand catering to the affordable market.
East Asia shares last closed at P2.42 each.
