SEC OKs Century Properties-PHirst merger

The Securities and Exchange Commission (SEC) has approved the merger of Century Properties Group Inc. (CPGI) and affordable housing unit PHirst Park Homes Inc.

On Wednesday, CPGI said it will remain operating as the surviving entity, once the merger takes effect.

All assets, properties, receivables, rights, privileges and interests of PHirst will be transferred to the listed property developer.

CPGI will likewise assume all liabilities and obligations of PHirst.

The merger will not affect the rights of creditors or existing liens. Pending claims, legal actions or other proceedings involving PHirst may continue by or against CPGI.

The consolidation is expected to bring the businesses, assets and operations of both companies under one corporate structure.

CPGI expects the move to streamline operations, governance and financial management while eliminating duplicate functions.

PHirst serves as the group’s platform for complete, accessible and well-planned residential communities for Filipino families.

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CPGI president and CEO Marco Antonio said the merger would help create a simpler and more agile listed company.

“It supports disciplined capital allocation and provides a stronger platform to scale our first-home residential business alongside our diversified real estate portfolio,” Antonio said.

CPGI chief financial officer Rodel Marqueses said bringing PHirst directly under the listed parent would simplify the management of capital, resources, tax assets and compliance.

The company also expects the merger to improve its visibility over PHirst’s financial performance and allow resources to be deployed more efficiently.