^

Stock Commentary

Century Properties preferred shares list today

Merkado Barkada
Century Properties preferred shares list today

Century Properties [CPG 0.28, up 3.7%] [link] will list the Series B preferred shares that it sold as part of its follow-on offering (FOO). CPG raised P2 billion through the sale of 20 million CPGPB shares for P100/share. While CPG had given its underwriter, China Bank Capital Corp. [CHIB 34.65, down 0.3%], an oversubscription option of up to 20 million additional CPGPB shares, it appears as though that oversubscription option went untouched and was not exercised: CPG will only list 20 million CPGPB shares today.


MB bottom-line: Because CPG didn’t sell any shares above the base offer, 100% of the cash that it’s raised here will just go to partially paying the principal amount of the company’s P3 billion in unsecured fixed-rate bonds that are due on March 1, with the balance of the payment coming from “internally generated funds and/or bank lines.” If CHIB had exercised its option and sold all of that oversubscription allotment, then CPG would have used P3 billion from the net proceeds to pay out those bonds, with a little bit left over for land banking, capex, and general corporate stuff. 

-

Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines. You can subscribe to the newsletter or follow on Twitter to receive the full daily updates.

vuukle comment
Philstar
x
  • Latest
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with