Century Peak invests in new property company

Business World

LISTED MINER Century Peak Metals Holdings Corp. said yesterday has bought into a newly formed property company, in part to save on housing costs.

In a disclosure to the local stock exchange, the miner said the Securities and Exchange Commission has approved the incorporation of Century Peak Property Development, Inc. with authorized capital stock of 500,000 common shares worth P50 million, fully subscribed and paid.

The miner’s investment of P1.5 million is equivalent to a 3% stake in the property firm.

In a telephone interview, Wilfredo D. Keng, president and chief executive of Century Peak Metals Holdings, said the property firm will build residential and commercial buildings.

“The intention is to invest in residential projects and buildings for commercial use,” Mr. Keng said.

Mr. Keng said the firm may offer discounted or free lodging to Century Peak Metals’ employees and foreign consultants.

“A possibility is that renting or owning for example, condominium units, will be discounted for our employees, especially foreign engineers and officers,” Mr. Keng said.

The miner recorded a narrower net loss of P15.90 million during the third quarter from P29.91 million last year due to lower operating expenses.

For the nine months that ended September, the miner incurred a narrower net loss of P48.67 million, from P57.50 million last year.

The miner has ongoing exploration work in its properties in the Dinagat Islands. It is carrying out a “more intensive drilling and exploration program” at the Casiguran Mine prospect until next year to confirm grades of ores in the area.

Century Peak Metals shares closed at P2.34 apiece yesterday, 2.09% or P0.05 lower than its previous closing on Monday. -- Kathleen A. Martin