The Securities and Exchange Commission (SEC) gave the go-ahead to the P5-billion preferred share offering of Vista Land and Lifescapes Inc., which will enable the property developer to refinance a maturing debt.
The regulator on Monday said its commission en banc approved Vista Land’s registration statement covering up to 30 million preferred shares, with an oversubscription option of up to 20 million shares in case of strong demand.
Vista Land will offer the shares at P100 each, and proceeds will be used for refinancing an existing loan that is falling due as well as for “general corporate purposes.”
READ: Villar’s Vista Land savors real estate turnaround
If the overallotment option is fully exercised, the Villar-led firm is expected to net P4.94 billion from the offer, according to the SEC.
The shares will be offered from Aug. 20 to Sept. 4, while listing on the main board of the Philippine Stock Exchange will be on Sept. 13.
BDO Capital and Investment Corp., China Bank Capital Corp. and SB Capital Investment Corp. were tapped as joint issue managers, lead underwriters and book runners for the offer.
Vista Land earlier said it planned to spend up to P30 billion this year, of which 98 percent or P29.4 billion will be spent on building new residential units and on land development.
The remaining 2 percent of the budget is earmarked for land acquisition and construction of investment properties, according to Vista Land president and CEO Manuel Paolo Villar. —Meg J. Adonis INQ