PSE approves Vista Land’s P5-b preferred shares sale

I show You how To Make Huge Profits In A Short Time With Cryptos!

The Philippine Stock Exchange approved the P5-billion preferred shares offering of Vista Land & Lifescapes Inc., the property unit of the Villar Group.

The PSE said in a memorandum circular posted on its website Vista Land would sell 30 million series 2 preferred shares, with an oversubscription option for another 20 million. The shares will be sold at P100 per share.

It said the preferred shares are perpetual, cumulative, non-participating, non-voting, redeemable and non-convertible.

Vista Land said it planned to use the proceeds from the fund-raising activity to refinance various bank loans and corporate notes and for general corporate purposes.

The preferred shares will be offered from Sept. 16 to Sept. 25 in time for listing at the main board of the PSE on Oct. 4, 2024.

Vista Land tapped BDO Capital & Investment Corp., China Bank Capital Corp. and SB Capital Investment Corp. as joint issue managers, joint lead underwriters and joint book runners for the offer.

The property firm earlier raised $350 million through the issuance of US-denominated unsecured fixed-rate notes through wholly owned subsidiary VLL International.

The notes were issued under VLL International’s $2-billion medium-term note program. They were guaranteed by Vista Land, Brittany Corp., Camella Homes Inc., Communities Philippines Inc., Crown Asia Properties Inc., and Vista Residences, Inc.

Vista Land booked net income of P5.38 billion in the first half of 2024, up by 10.2 percent from P4.88 billion in the same period last year as revenues climbed 8 percent to P18.92 billion.

It had 26 master planned developments under Vista Estates as of end-2023.

Vista Land also operates 42 malls, 56 commercial buildings and seven office buildings spanning 1.6 million square meters.

Be the first to comment

Leave a Reply

Your email address will not be published.


*