Century Properties Group Inc. has secured the approval of the Securities and Exchange Commission (SEC) for its P3-billion bond offering. In a statement on Friday, the SEC said it cleared the listed property company’s registration statement on up to P2 billion worth of fixed-rate, three-year bonds due in 2024, with an oversubscription option of up to P1 billion. Century Properties looks to raise as much as P2.94 billion from the offer to finance its maturing debt and ongoing projects, as well as for general corporate requirements. The bonds will be offered at face value and listed and traded on the Philippine Dealing & Exchange Corp. China Bank Capital Corp. will be the sole issue manager, lead underwriter and bookrunner. Last year, Century Properties saw its net income fall to P1.10 billion in January to September from P1.11 billion in the same period in 2019. Consolidated revenues amounted to P8.3 billion, lower than the year-earlier’s P9.8 billion. Century Properties shares decreased by half a cent or 1.12 percent to close at 44 centavos apiece on Friday.
