Commission Decision No. 11-M-009/2020:
Proposed Acquisition by Century Properties Group, Inc.
of Voting Shares in Century City Development II Corporation

ABSTRACT:

The transaction involves the acquisition of sole control by the Century Properties Inc. through Century Properties Group Inc. (“CPGI”) in Century City Development II Corporation (“CCDCII”). CCDCII, a corporation duly organized and existing under the laws of the Republic of the Philippines, is a joint venture between Century City Development  Corporation and FMTK Kalayaan, Inc. (“FMTK”).

The acquisition of sole control shall be accomplished through the termination of their joint venture agreement, and the sale by FMTK to CPGI of its Five Hundred Eleven Million Five Hundred Sixty One Thousand One Hundred Forty Three (511,561,143) common shares of stock in CCDCII, constituting approximately forty percent (40%) of the total outstanding capital stock of CCDCII, each with a par value of One Peso (Php1.00). The purchase price for the Sale Shares shall be the amount of One Billion Nine Hundred Million Pesos (PhP1,900,000,000.00).

Link: https://www.phcc.gov.ph/cdn-11m009-2020-cpgi-cdcii-12aug2020/