SEC approves P5-B Vista Land preferred share offer
THE Securities and Exchange Commission (SEC) has approved the P5-billion preferred share offering of Villar-led property developer Vista Land & Lifescapes, Inc.
The offer, approved by the SEC on Aug. 8, consists of up to 30 million Series 2 preferred shares and an oversubscription option of up to 20 million, the SEC said in an e-mailed statement on Monday.
The preferred shares, which are perpetual, cumulative, nonparticipating, nonvoting, redeemable, and non-convertible, will be priced at P100 per share.
Vista Land is expecting to generate P4.94 billion worth of net proceeds from the issuance if the oversubscription option is fully exercised.
The company said it will use the proceeds to refinance existing debt and for general corporate purposes.
Based on the company’s latest timetable, the offer period for the preferred shares will be from Aug. 20 to Sept. 4, with listing at the main board of the Philippine Stock Exchange set on Sept. 13.
Vista Land hired BDO Capital & Investment Corp., Chinabank Capital Corp., and SB Capital Investment Corp. as joint issue managers, joint lead underwriters, and joint book runners for the offer.
On Monday, Vista Land shares dropped by 1.38% or two centavos to P1.43 apiece. — Revin Mikhael D. Ochave