State pension fund, the Social Security System (SSS), is now an anchor investor in Century Property Group (CPG), after acquiring a transaction value of P500 million in the company.
In a statement on Friday, Century Properties Inc. (CPI), the majority shareholder of CPG, said SSS secured 740,740,741 common shares, with a transaction value of P500 million, enabling them to acquire 6.39 percent ownership in CPG.
CPG said the strategic stake in the company was acquired through a block sale, marking a significant milestone for the property firm.
Further, SSS acquired the shares at a 4.93 percent discount to CPG’s current market price and is expected to get a dividend yield of approximately 7.8 percent plus potential capital appreciation.
China Bank Capital Corporation (Chinabank Capital), on the other hand, acted as the advisor and arranger for this transaction.
Anchor investor
“We are honored to have the Social Security System (SSS) as an anchor investor in Century Properties Group. Both CPG and SSS share a long-term perspective and remain optimistic about the growth prospects of CPG. This collaboration reinforces our shared vision for sustainable growth and value creation. We are committed to ensuring this partnership translates into tangible benefits for the SSS fund,” said Amb. Jose E.B. Antonio, executive chairman of CPG.
“We are very pleased that SSS found a compelling investment opportunity in CPG. The market is taking notice of the company’s strong fundamentals and growth prospects, and we are confident that management will continue to create value for all CPG shareholders,” said Ryan Martin Tapia, president of Chinabank Capital.
Core mission
CPG stressed that as part of its core mission, it continues to focus on delivering value to its shareholders through sustained business growth, prudent financial management, and innovation in real estate development.
CPG drives sustainable growth by balancing its affordable housing and premium residential segments through its Twin Engine Strategy, aiming to allow at least a 15 to 20 percent growth over a 3 to 5-year period.