Philippine developer seeks up to $110 million from re-IPO

Century Properties is looking to expand its shareholder base after a backdoor listing last year.

Philippine property developer Century Properties Group yesterday opened the order books for a follow-on offering that aims to raise between Ps3.5 billion and Ps4.7 billion $82 million to $110 million, and boost the company’s free-float.

Century Properties, which is controlled by the Antonio family and has a 26-year track record when it comes to the development of residential, office, medical and retail properties, went public last year through a backdoor listing that involved a reverse takeover of East Asia Power Resources Corp. At the time of the takeover East Asia Power was basically a shell company and after a share swap exercise Century Properties’ parent company Century Properties Inc...

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