Century Properties’ commitment to financial stability: P3 billion preferred shares redeemed

Century Properties Group, led by bilyonaryo Jose Antonio, has successfully completed the full redemption of its P3 billion preferred shares, as part of the company’s ongoing efforts to manage its finances and reduce debt.

The peso-denominated preferred shares, which were issued by Century Properties Group and listed on the Philippine Stock Exchange on January 10, 2022, have been redeemed at their redemption price of P100 per share.

The optional redemption of these preferred shares was approved by Century Properties Group’s board of directors during a meeting held on May 12, 2023. This strategic move aligns with the company’s goal to strengthen its balance sheet and support future growth and expansion.

Ponciano Carreon Jr., chief finance officer of Century Properties Group, noted the active and liquid domestic capital markets, which the company intends to tap into if necessary for capital funding purposes.

By the end of 2022, the company had decreased its outstanding total debt from P18.4 billion to P17.3 billion, primarily due to the repayment of P1.1 billion in short-term and long-term debt.

In April 2022, Century Properties Group also successfully redeemed its P3 billion fixed-rate retail bonds, further showcasing its commitment to managing its debt obligations.

https://bilyonaryo.com/2023/07/10/century-properties-commitment-to-financial-stability-p3-billion-preferred-shares-redeemed/property/#gsc.tab=0