MANILA, Philippines — Vista Land & Lifescapes Inc., the listed property developer of the Villar Group, has raised P3 billion in its return to the equities market.
The Series 2A and Series 2B preferred shares were listed on the main board of the Philippine Stock Exchange yesterday.
“Today marks another incredible milestone for the company as we return to the equity market after our initial listing in 2007,” Vista Land president and CEO Manuel Paolo Villar said.
China Bank Capital Corp. managing director Juan Paolo Colet said the take up from the offer was good, driven by retail and institutional investors looking to lock in attractive dividend yields.
“We are pleased with healthy investor support for Vista Land’s inaugural offering of preferred shares. The final offer amount was rightsized considering the company’s requirements,” Colet said.
China Bank, BDO Capital & Investment Corp. and SB Capital Investment Corp. served as joint issue managers, joint lead underwriters and joint book runners for the offer.
Vista Land’s offer consisted of a base offering of 30 million Series 2 preferred shares and an oversubscription option of up to 20 million shares at P100 apiece.
The dividend rate for the Series 2A was set at 7.9892 percent per annum, while Series 2B was at 8.4 percent.
The proceeds of the offer will be used to refinance existing indebtedness, purchase, develop, construct or improve assets, property or equipment as well as for general corporate purposes.
“Vista Land & Landscapes continues to be one of the leading integrated property developers in the Philippines and the largest homebuilder in the country, operating across a vast expanse of 147 cities and municipalities in 49 provinces,” he said.
Villar said the company is poised to launch more Vista Estates soon.
The company to date has launched 26 Vista Estate projects across the country.
“Vista Estates is a collection of sprawling masterplanned communities that offer unique, premium and sustainable lifescapes,” he said.