Century Properties open to resume talks with Okada

Posted at 09/02/14 4:18 PM

MANILA, Philippines - Century Properties said it is open to an out-of-court settlement with Japanese gambling tycoon Kazuo Okada over a casino project in Entertainment City.

Century Properties says they are open to resume talks with Okada's group about the Manila Bay Resorts project, if the terms of the original agreement signed last year are retained.

Last July, the Makati Regional Trial Court ruled in favor of Century Properties, stopping Okada from axing the deal and finding new partners.

Okada needs a local partner to comply with the 40-percent limit on foreign ownership of land.

The deal in question would have made Century part-owner of a 44-hectare property, where Okada would build a $2 billion casino complex.

It would have also given Century 5 hectares for a luxury residential and retail project.

Meanwhile, Century Properties said it raised P2.7 billion in fresh funds, as it completed its maiden retail bond offering.

The funds will be used to partly finance capital expenditures for select residential and commercial projects with completion dates ranging from 2017 to 2019.

Century initially aimed to raise P2 billion, and due to strong demand, exercised its oversubscription allowance to raise a total of P2.7 billion.

The unsecured fixed rate peso bonds were offered in 3-year, 5-year, and 7-year tranches with interest rates of 6.0000% p.a., 6.6878% p.a., and 6.9758% p.a., respectively.

"We are grateful for the success of our maiden bond issuance and the confidence accorded to us by the investing public. This is a testament to the Company's sound financial management and profitable business model," said Jose E.B. Antonio, Chairman of Century Properties.