THE board of Century Properties Group Inc. has approved a merger with subsidiary Phirst Park Homes Inc. as part of a broader effort to streamline operations and improve efficiencies.
In a disclosure on Monday, Century Properties said it would be the surviving entity following the merger.
The plan will be submitted for shareholder approval during the upcoming annual stockholders’ meeting and also remains subject to the consent of creditors and relevant regulatory authorities.
The merger is intended to enhance resource allocation and generate operational synergies, while strengthening financial management and improving regulatory and tax efficiencies, Century Properties said.
Phirst Park Homes is one of Century Properties’ key units, focused on affordable housing developments.
The board approval is said to form part of a wider restructuring initiative that also includes the planned merger of other subsidiaries within the group.
Century Properties said it would disclose further details and submit the necessary documentation to regulators as the merger process moves forward.
The company’s shares were steady at P0.67 each on Monday.
