MANILA, Philippines - The board of directors of publicly-listed Vista Land and Lifescapes, the country’s premier property developer and leader in the house and lot market segment, approved a two-year program to repurchase the company’s shares worth P1.5 billion from the open market.
Manuel Paolo Villar, chief financial officer of Vista Land, said: “We believe that our shares have been trading at much less than fair value. Our board of directors has considered this carefully and deemed it appropriate to buy back shares given the company’s recent stellar performance and future prospects.”
During the company’s annual stockholder’s meeting, chief executive officer Benjamarie Therese Serrano said: “There is every indication that 2011 will prove to be a record year for Vista Land in terms of revenues, sales take-up, and net income.”