MANILA, Philippines - Century Properties Group, Inc. has raised P1.6 billion from an overnight equity placement, the firm said in a statement on Wednesday.
"The proceeds from the placement will be used to fund the company's continued growth in land bank within Metro Manila, and expand its projects in key select secondary cities outside Metro Manila," Century Properties said.
The transaction involved 800 million shares priced at P2.05 apiece, already at a 10% discounted rate versus Tuesday's closing price.
Carlo R. Antonio, chief financial officer at Century Properties, said the placement was oversubscribed by 2.4 times of the base deal of 600 million shares, prompting the increase to 800 million shares.
"We are pleased with the strong demand from a mix of high quality local and international institutional investors, and this brings Century's free float to 33% after the placement," he said.
Following the placement, Jose Antonio, chairman at Century Properties, said "in the next few months, we hope to announce to the market the acquisition of new land in Metro Manila and our first project in a secondary city."
The chairman stressed the firm's focus will continue to be Metro Manila although it is considering projects in other provinces as a response to requests from overseas Filipino workers.
Macquarie Capital Singapore Pte. Limited served as sole global coordinator for the transaction. Macquarie and Standard Chartered Securities Singapore Pte. Limited Bank, meanwhile, served as joint bookrunners.