1. What is the Follow-On Offering (FOO) of Century Properties Group, Inc. (CPG)?
CPG is offering up to 40 million preferred shares at an offer price of P100 per share consisting of a base offering of 20 million shares and an oversubscription option of another 20 million shares.
2. What is an FOO?
FOO stands for Follow-On Offering. It is a public offering of additional shares after a company's initial public offering (IPO).
3. Who is the issuer?
Century Properties Group, Inc. (CPG) was incorporated on March 23, 1975 as Northwest Holdings and Resources Corporation. In 2011, CPG rebranded and shifted its core business from power generation to a holding company and real estate business.
CPG is primarily engaged in the development, marketing, and sale of mid- and high-rise condominiums and single-detached homes, leasing of retail and office space, and property management. As of December 31, 2022, the Company completed 38 projects.
CPG has seven wholly-owned subsidiaries namely, Century Communities Corporation, Century City Development Corporation, Century Limitless Corporation, Century Properties Management Inc., PHirst Park Homes, Inc, Century Destinations and Lifestyle Corp., and Century Nuliv Development Corporation.
4. What are the details of the offering?
| Stock Symbol | CPGPB |
| Offer Size | Up to 40M shares (Base Offer 20M shares plus 20M oversubscription option) |
| Par Value | P0.53 per share |
| Price | P100 per share |
| Dividend Rate | 7.5432% per annum |
| Allocation per broker | 32,500 shares or P3,250,000.00 |
| Minimum Subscription | 500 shares and in multiples of 100 shares thereafter |
| Pricing Date | Feb 1, 2024 |
| Offer Period | Feb 6-13, 2024 |
| Deadline of firm reservation and full payment to FMSBC | Feb 7, 2024, 12noon |
| Listing Date | Feb 22, 2024 |
| Sole Issue Manager, Lead Underwriter, and Sole Bookrunner | China Bank Capital Corporation |
5. What are the key characteristics of the CPG’s FOO Series B Preferred Shares?
The shares are perpetual, cumulative, non-participating, non-voting, redeemable, and non-convertible Philippine Peso-denominated Series B Preferred Shares.
6. What is the intended use of the proceeds from the FOO Series B Preferred Shares?
The proceeds will be used by CPG to finance various purposes, including partial payment of CPG’s Fixed Rate 3-year bonds, partial funding strategic land banking for PHirst Park Homes, partial funding for Azure North development, and general corporate requirements. The net proceeds of the offer will either be infused as equity into, or on lent to, CPG’s respective operating Subsidiaries.
7. Where can I learn more about CPG's Follow-On Offering?
Investors can refer to official announcements and disclosures from CPG’s official website and the Philippine Stock Exchange (PSE). Investors are advised to carefully review the offer terms and conduct their own due diligence before participating.
See PSE’s notice HERE.
8. How do I participate in the CPG’s FOO Series B Preferred Shares?
Log in to your FirstMetroSec account and go to ACCOUNT > CORPORATE ACTIONS. Please ensure that you have enough cleared/withdrawable funds before participating.
You may also refer to the full instructions HERE.