Foreign Group Buys Into C&P Homes Pays P632 M for 13%

September 3, 1999 PSE CIRCULAR FOR BROKERS NO. 2205-99 FOREIGN GROUP BUYS INTO C&P HOMES PAYS P632 M FOR 13% C&P Homes Inc., Southeast Asia's largest homebuilder, has signed an agreement for the sale of P632 million worth of its shares to Cameron Global Limited, a company registered in the British Virgin Islands owned by a group of foreign investors. The subscription will give the group control of approximately 13 percent of C&P's outstanding capital stock. The buy-in reflects the vibrant expectation by foreign investors of a continuing recovery in the local property sector, which was hardest hit by the Asian financial crisis over the past two years. In a disclosure to the Securities and Exchange Commission, C&P said the shares to be-sold would be taken from the unissued capital stock of the Company. The firm is asking the SEC to exempt the transaction from registration under the Revised Securities Act. C&P Homes earlier announced all increase ill its authorized capital from P5 billion to P15 billion or by 200 percent. The increase is in line with the launching of an intensified marketing strategy focused on the middle residential market to make up for the displacement of buyers in the lower housing segment. C&P Homes is tapping the over one million strong overseas Filipino workers as a market on a big scale through the creation of an international marketing group to offset the impact of a temporary slowdown in de availability of government financing.