The Securities and Exchange Commission (SEC) has approved the preferred shares offering of property developers Century Properties Group Inc. and A Brown Co. Inc.
CPG said it received the certificate of permit to sell securities for the company’s primary offer of 20 million series B preferred shares with an oversubscription option of up to 20 million shares at P100 apiece.
It will carry an initial dividend rate of 7.5432 percent per year and will be listed and traded on the main board of the Philippine Stock Exchange Inc.
A Brown, meanwhile, also received the green light from the SEC for the domestic offer and issuance of 10 million in series B and C preferred shares with an oversubscription option of 5 million shares.
The said shares will be issued out of its 50 million preferred shares under shelf registration, and will be sold at P100 apiece.
Series B shares will carry a dividend rate of 8.25 percent per year, and series C will have 8.75 percent rate. Both series carry an optional redemption date.
Proceeds from the offer are aimed at supporting the development of pipeline real estate projects in Mindanao and Luzon, land banking initiatives and other general corporate purposes, the company said.
A Brown has assigned PNB Capital and Investment Corp. as its sole issue manager, lead underwriter and sole bookrunner for this transaction.
“Among our high-priority developments are Coral Bay Suites and Alexandrite Columns, both of which are condominiums with resort amenities and scenic views,” A Brown President and CEO Robertino E. Pizarro said.
The said projects mark A Brown’s first venture into vertical development. The company’s first preferred shares offering was in 2021, from which it raised P1.33 billion.
A Brown said its reservation sales have been increasing over the past 3 years, with sales in 2022 reaching P2.62 billion.
CPG shares closed on Tuesday at P0.265 apiece. A Brown shares, meanwhile, was last traded at P0.63 apiece.