CPGI and parent Century Properties sell shares to Netherlands-based APG

Century Properties Group Inc. (CPGI) and parent Century Properties Inc. (CPI) are selling 868, 316,042 CPGI shares to Netherlands-based APG Strategic Real Estate Pool N.V., CPGI said in a statement Tuesday to the Philippine Stock Exchange.

CPI is the seller of the shares in the deal.

In January 2011, CPI issued convertible bonds to APG, but APG decided to enter into a purchase agreement for CPI to buy the convertible bonds from APG.

With the sale of CPGI shares to APG, property developer CPI will retire the convertible bonds, according to the statement.

CPGI reported its net income in the 10 months to October 2011 grew by nearly five times to P781 million from P143 million.

Revenues almost doubled to P4.02 billion from P2.09 billion, while costs and expenses went up to P2.89 billion from P1.81 billion. — CMA/VS, GMA News