Vista Land buys initial 79% of Starmalls | Inquirer Business

Vista Land buys initial 79% of Starmalls

By: - Business Features Editor / @philbizwatcher
10:52 AM December 23, 2015

VILLAR group-led Villar-led Vista Land & Lifescapes (VLL) has acquired 79.43 percent of affiliate shopping mall developer Starmalls Inc. for P30.17 billion, completing the first phase of a consolidation program seen to create the country’s fourth largest fully integrated property developer.

On Tuesday, VLL acquired 6.69 billion common shares of Starmalls at P4.51 per share through a block sale at the Philippine Stock Exchange (PSE). The sellers were all part of the Villar-led Fine group: Fine Properties Inc., Althorp Holdings, Inc., Manuela Corp., Manuel Paolo Villar and Manuel Villar Jr.

Also in line with the terms and conditions of the Starmall acquisition, VLL disclosed on Wednesday the completion of the second subscription by the Fine Group to 2.62 billion new common shares of VLL. This is part of the Fine group’s earlier commitment to plow back to VLL 97.5 percent of the proceeds from its sale of shares in Starmalls by subscribing to new VLL shares which will be created as part of the increase in authorized capital.


In addition to the 79.43 percent stake now acquired by VLL, the property firm has committed to buy 743.29 million more Starmall shares held by Fine Properties equivalent to 8.82 percent equity in the shopping mall developer. These shares are currently subject to a mandatory lock-up under PSE rules but the intention is to buy these additional shares once the lock-up period expires on January 29, 2016 – at the same price of P4.51 per share.

All in all, VLL is set to acquire a total of Starmalls’ 88.25 percent equity worth P33.5 billion.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Starmalls, Vista Land & Lifescapes, VLL

© Copyright 1997-2024 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.