DEVELOPER Century Properties Group Inc. (CPGI) on Wednesday said it has fully complied with the regulators’ requirements on its series of transactions since 2012 that covered share swaps, and placing and subscription on affiliate firm and stock dividend.
The company said it has secured approval from the Philippine Stock Exchange (PSE) in August to list a total of 7.41 billion common shares.
“As the company has fully complied with the conditions set forth by the SEC [Security Exchange Commission], the company’s common shares are now 100-percent listed, effective October 19,” the company said.
The listing of shares included CPGI’s 4.01 billion common shares that covered its share swap transaction with Century Properties Inc. (CPI), a total of 2.13 billion shares of the company covering its placing and subscription transaction with CPI done in 2012 and 2013, and the 1.27 billion shares covering its 20.66-percent stock dividend declaration arising from its unlisted shares of 69.14 billion paid as of November 11, 2014.
CPI is the parent company of the listed firm of the Antonio family.
“The company fully undertakes that it shall furnish the honorable exchange of all material documentations and filings for the aforementioned resolutions,” it said.
The company, which now operates a mixed-use property in the former location of the International School in Makati, said it remains on track in completing its launched projects this year.
By 2020, it is expected to complete 31 residential buildings, totaling close to 18,000 units, with 1.34 million square meters of gross floor area.
Last year it completed construction of six residential-condominium projects, the most completion for a year in the company’s history.
Aside from completing its residential projects, the company is also building up its leasing portfolio.
Based on its plan, the company is focused on expanding its exposure to leasing assets to generate more recurring revenue streams.
By 2020, it will have roughly 300,000 sq m of gross floor area expected to contribute around P1 billion in revenues.
It is also currently pursuing new projects in the economic housing and tourism sectors.
“As we celebrate our 30th year in the industry, we continue to forge ahead to pursue opportunities expected to offer reliable returns within reasonable payback periods,” the company said.
“As part of our 2020 plan, these projects, as well as a few other initiatives that management has undertaken, are expected to steer the company toward long-term growth and profitability. Our goal is to develop a more formidable company capable of riding the peaks and troughs of real-estate cycles,” it said.
