Century Properties to sell P5B worth of preferred shares

Century Properties Group, a real estate developer in Manila, has announced its intention to raise P5 billion through the sale of preferred shares. The company’s board has approved the plan, which aims to support the company’s expansion efforts following strong growth in the first half of the year. Century Properties plans to issue up to 50 million preferred shares at an offer price of P100 each. These shares provide holders with priority rights for dividend payments and limited voting rights. The company has not disclosed specific details regarding the timing and use of the proceeds from the offering. The shares will be taken from the unissued portion of the company’s authorized capital stock and will be listed on the Philippine Stock Exchange, pending regulatory approval.

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