Century Properties offers to buy back P800-M shares
MANILA, Philippines - Luxury property developer Century Properties Group Inc. (CPG) announced its public offer to buy up to P800 million worth of its shares to enhance shareholders' value.
In a statement on Tuesday, January 8, the Antonio-led firm said this first-time buy back program will be for a 24-month period starting January 2013.
It will "undertake a buyback transaction only if and to the extent that the price per share is deemed undervalued, share prices are considered highly volatile, or in any other instance where the Corporation believes that a buyback will result in enhancing shareholders’ value,” it said.
Century Properties' portfolio includes 21 completed condominium buildings (5,560 units) with a total gross floor area of 669,857 and is currently managing 50 properties.
Its brands include Gramercy Residences in Makati and Azure Urban Resort Residences in Paranaque City. It has partnered with Hollywood celebrity Paris Hilton for the design of a beach club, the Donald Trump group for Trump Tower and Versace for the interior design of Milano Residences. - Rappler.com