MANILA, Philippines – The Antonio family has sold 10.2 percent of its stake in Century Properties Group to the Cuerva Group, its long –time partner.
In a disclosure to the Philippine Stock Exchange yesterday, CPG said the Antonio family sold 1.94 billion shares via a special block sale, at P0.713 per share or a total of P851. 62 million.
The shares were sold to existing CPG shareholders Rafael Yaptinchay and Ricardo Cuerva.
Triventures Management & Construction Corp. bought 119.44 million shares worth P85.16 million while Ricardo Cuerva, Lourdes Cuerva, Ricardo Cuerva, Jaimie Marie Cuerva, and Ma. Cristina Louise Cuerva purchased 214.995 million shares each.
CPI said there is no dilution to the existing shareholders, change in the public float or any changes in management.
“There is no change in management or operations in the company,” the company said in its disclosure.
Yaptinchay serves as treasurer of Century Properties Inc., the majority shareholder of CPG. He has been the president of the Meridien Properties Group of Companies since 1988.
He has also been co-managing director at CPG since August 2015 and executive director of CPG since 2011.
Cuerva, on the other hand, serves as president and owner of Century Project Management and Construction Corp. He oversees the construction of vertical developments.
He is also a co-founder of Meridien and has been a non-executive director of the CPG since 2011. He also serves as a director of CPI.
The company posted a net income of P649.36 million as of the end of September last year.