SSS Boosts Stake in Century Properties

The Social Security System (SSS) has significantly increased its stake in Century Properties Group Inc. (CPG), a leading property developer in the Philippines. According to a disclosure to the Philippine Stock Exchange, SSS acquired additional common shares in CPG, raising its ownership to 9.9% from the previous 6.4%. This latest investment follows SSS's initial acquisition of 740,740,741 common shares in the property developer in July of last year. Marco Antonio, president and CEO of CPG, expressed deep gratitude for the continued confidence from SSS, stating that the additional investment recognizes the company's strong fundamentals, long-term strategy, and commitment to delivering sustainable value to shareholders. The company emphasized its ongoing focus on catering to the end-user market, aiming to provide a steady stream of dividends while maintaining moderate debt levels. Rodel Marqueses, Chief Financial Officer and Head of Investor Relations at CPG, commented from a capital markets perspective that SSS's additional investment is a clear endorsement of CPG's fundamentals, governance standards, financial discipline, and shareholder return profile. The transaction was completed through a block sale executed via the Philippine Stock Exchange. The increased investment by a pension fund like SSS in the real estate sector suggests a positive outlook on the country's economic growth and a proactive approach to building future assets for pensioners. Investments by public institutions in major developers are also seen as contributing to overall market stability and credibility. Source: GMA Money Philippines