CENTURY Properties Group Inc. (CPG) on Thursday said that its majority shareholder on Thursday had sold 740.74 million common shares for P500 million to state-owned Social Security System (SSS).
No other details were provided, other than the block sale was priced at P0.675 per share — below the company’s P0.71 close on Wednesday.
The developer told the stock exchange that it would be submitting “all material documentation and filings” regarding the transaction.
Last month, company chairman Jose Marco Antonio told stockholders that the firm would be spending P12 billion for capital expenditures this year, with its first-home residential subsidiary PHirst Park Homes Inc. to get the lion’s share of P10 billion.
The remaining P2 billion will be used to strengthen its premium residential portfolio.
“The twin-engine strategy enables Century Properties to drive sustainable growth by balancing its affordable housing and premium residential segments,” Antonio said.
“This dual-focus diversifies revenue, enhances resilience and expands our reach across key growth corridors nationwide.”
Century Properties reported a net income after tax of P473 million for the first quarter, up 16 percent from P410 million a year earlier, while consolidated revenues rose 4 percent to P3.724 billion.
The company’s shares were unchanged at P0.71 each on Thursday. EARL JOHN ALFARO
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