Century Properties Group Inc. (CPG) on Wednesday said it has secured regulatory approval for the company’s merger with PHirst Park Homes Inc., with CPG as the surviving entity.
Following the approval of the Securities and Exchange Commission (SEC), CPG said PHirst Park will cease to exist as a separate juridical entity.
All assets, properties, receivables, rights, privileges and interests of PHirst Park will, by operation of law, be transferred to and vested in CPG, which will also assume all of its liabilities and obligations.
The merger will not affect the rights of creditors or existing liens, and any pending claims, actions or proceedings involving PHirst Park may continue by or against CPG as the surviving corporation.
The said merger is intended to consolidate the businesses, assets and operations of CPG and PHirst under a single corporate structure, resulting in a more streamlined and integrated organization.
‘This merger advances our goal of building a simpler and more agile listed company,’ Marco Antonio, president and CEO of CPG, said.
‘It supports disciplined capital allocation and provides a stronger platform to scale our first-home residential business alongside our diversified real estate portfolio.’
PHirst is CPG’s platform for its horizontal development after the company ran out of land for its vertical developments.
Bringing the business directly under the listed parent is expected to improve strategic alignment, governance, transparency, and execution while reducing duplicated functions.
The merger follows the required approvals of the boards and stockholders of both companies. CPG expects the integrated structure to improve decision-making, financial discipline and sustainable growth.
CPG announced in February that it has set aside P12 billion for capital expenditures this year to fund developments. The amount is the same as last year’s allotment.
The company launched Cerulean Residences, a 25-hectare master-planned house-and-lot development in Cavite, early this year.
The launch of the property marks a key milestone for the expansion of CPG’s premium residential segment under its subsidiary Century Limitless Corp.