Century Properties secures SEC approval for PHirst Park Homes merger

Century Properties Group has received Securities and Exchange Commission approval to merge with its residential housing arm PHirst Park Homes, with CPG as the surviving entity. The consolidation aims to simplify operations, centralise capital management, and strengthen the company's first-home resid

Century Properties Group, Inc. (CPG) has secured approval from the Securities and Exchange Commission (SEC) for its merger with PHirst Park Homes, Inc. (PHirst), with CPG as the surviving entity. In a statement on Wednesday, CPG said PHirst will cease to exist as a separate juridical entity once the merger takes effect.

Under the merger, PHirst's assets, properties, rights, and interests will be transferred to CPG, which will also assume PHirst's liabilities and obligations. The company said the merger will not affect creditors' rights or existing liens, and pending claims, actions, or proceedings involving PHirst may continue under CPG after the merger.

“This merger advances our goal of building 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,” CPG President and Chief Executive Officer Marco Antonio said. CPG said the consolidation will bring PHirst's business under its corporate structure and allow the group to combine operations and eliminate overlapping functions.

PHirst is CPG's residential housing arm focused on planned communities for Filipino families and first-time homebuyers. CPG Chief Financial Officer Rodel Marqueses said the merger will also centralise the management of capital, resources, tax assets, and compliance requirements. “Greater visibility over financial performance and more efficient resource deployment should support long-term stockholder value,” he added.

The merger follows approvals from the boards and stockholders of both companies, CPG said. The company said the consolidation is expected to simplify decision-making and financial management as PHirst's operations are integrated into CPG. At the local bourse on Wednesday, CPG shares closed unchanged at P0.60 apiece.