Vista Land and Lifescapes Inc. marked another milestone in the company’s rapid growth as its shares were listed on the Philippine Stock Exchange beginning July 26. The newly incorporated holding firm combines the strengths of Brittany Corporation, Camella Homes and Communities, Crown Asia, and Communities Philippines – all acknowledged market leaders in their respective segments.
“We are very proud of our companies,” said Vista Land president and CEO Jing Serrano. “And together, under the banner of Vista Land, we are now the largest and leading homebuilder in the Philippines with over 100,000 homes built. We stand for providing value for money, assurance of reliability, a broad range of choices for various wants and needs, and the promise of a more enriched way of life.”
The listing came after a very successful international road show to drum up support for its public share offering. Serrano and her team personally visited six global financial centers, namely Hong Kong, Singapore, London, New York, Boston and San Francisco, to promote directly to international investors.
UBS Investment Bank, its global coordinator and international bookrunner, reported that the property firm raised $535 million – the largest equity offering in the history of the Philippines – with a growing demand from the international market amounting to $2 billion.
Proceeds from the sale of shares will be used to finance capital expenditure which amounts to P7.166 billion over the next two years, settle loans amounting to P5.21 billion, and set aside P800 million for operational working capital.
Vista Land’s growth prospects is deemed an industry success story – it being one of the very few companies to have survived the Asian financial crisis in 1997, restructured its debt successfully, and find itself among the most trusted and admired brands in the industry ten years later with a positive outlook for its future.