Century Properties to merge with mass housing arm
Century Properties Group Inc. (CPG) is moving forward with a corporate restructuring plan, with its board approving the merger of key subsidiaries to improve efficiency and resource use.
In a disclosure on Monday, the Antonio family-led real estate firm said its board approved the merger of Phirst Park Homes Inc. with CPG, with the parent firm as the surviving entity.
It also approved the merger of Century Limitless Corp. (CLC) with Century Communities Corp., with CLC as the surviving entity.
The proposed mergers will still need the approval of shareholders during the company’s upcoming annual stockholders’ meeting, as well as clearance from creditors and relevant regulators.
CPG said the consolidation forms part of its broader corporate restructuring initiatives aimed at strengthening operational performance.
The company noted that the mergers are expected to improve resource allocation and operational synergies across its businesses.
“The merger aims to improve resource allocations and operational synergies, enhance financial management, utilize tax assets and enhance regulatory and tax administration efficiencies,” the company said.
As part of the process, the board approved the appointment of SyCip Gorres Velayo & Co. to provide nonaudit services, particularly for merger support.
These services will cover compliance requirements, financial reporting and due diligence related to the transactions.
The restructuring comes as property firms continue to streamline operations and optimize portfolios to navigate a competitive and evolving market environment.
CPG said it would submit the respective merger plans to shareholders and provide the necessary documentation to regulators once approvals are secured.
