SSS becomes Century Properties 3rd largest shareholder in P500-M deal
Manila, Philippines – State-run pension fund Social Security System (SSS) has invested half a billion pesos in a listed property company headed by diplomat Jose E. B. Antonio, stock exchange filings show.
The P500-million deal between Antonio-led Century Properties Group, Inc. and SSS gives the state insurer a 6.39 percent stake in the listed developer that is behind brands Trump Tower at Century City, Century City Mall, and PHirst Park Homes.
That 6.39 percent holdings, equivalent to 740 million common shares, would make SSS the third largest shareholder of Century Properties, stock exchange filings show.
Before the announcement of the transaction, the Antonio group held 6.47 billion shares, or 55.32 percent of the listed company, according to a regulatory filing as of June 30.
A PCD nominee corporation owned 41.43 percent, and the rest, by the minor stockholders each at less than one percent. Century Properties’ free float level, or the public ownership percentage, is 27.6 percent as of July 15.
Antonio, who is currently the chairman of the listed developer, was also named ambassador-at-large by President Ferdinand Marcos, Jr. early in his term.
Century Properties described SSS’ entry as “a strategic stake in the company” completed “through a block sale, marking a significant milestone for CPG.”
"We are honored to have the Social Security System (SSS) as an anchor investor in Century Properties Group,” the disclosure read, quoting Antonio as Philippine ambassador and executive chairman of the listed firm.
“We are committed to ensuring this partnership translates into tangible benefits for the SSS fund," it added.
SSS bought the shares at a 4.93 percent discount to the stock’s market price at the time of the transaction, with a dividend yield of 7.8 percent.
CPG shares capped the week’s trade at P0.74 apiece, up by 4.2 percent.
China Bank Capital Corp. was the transaction’s advisor and arranger.
The Antonio group has set aside P12 billion in capital expenditures for 2025 – P10 billion of that is for its first-home segment PHirst Park Homes and the remainder for Century’s premium line.
