Century Properties buys back 342,000 shares

Property developer Century Properties Group Inc. bought back more than 300,000 shares as part of a two-year buyback program to improve the value of its stocks, the company said Monday.

 

In a disclosure to the Philippine Stock Exchange, the company said it purchased 342,000 shares from the open market on Friday. Oct. 10, at  P1.2417 per share.

 

"We are buying back because we believe that CPG is dramatically undervalued," CPG investor relations head Kristina Garcia told GMA News Online.

 

In January 2013, the company announced the buyback program that involved purchasing up to P800 million worth of shares.

 

"As of last buy-back which was last Friday, we have bought a total of 18,520,000 shares," Garcia said.

 

As of end-December last year, the company has completed 24 condominium and commercial buildings that comprised of 8,197 units – including Essensa East Forbes and South of Market in Fort Bonifacio, Taguig City, SOHO Central in Mandaluyong City, Pacific Place in Pasig City, and Le Triomphe, Le Domaine, Le Metropole and Gramercy Residences in Makati City. – VS, GMA News