Tycoon Manuel Villar Jr.’s Vista Land & Lifescapes Inc. successfully raised P3 billion through a preferred share offering, listing Series 2A and 2B shares on the Philippine Stock Exchange on Friday.
These shares offer annual dividend rates of 7.9892 percent and 8.4 percent, respectively.
The proceeds will be used to refinance loans and settle corporate note obligations.
“Armed with decades of experience as well as exposure in the sector, we are optimistic that Vista Land will continue to execute its business strategy that will make its brands not just competitive but very valuable in the property sector and deliver shareholder and stakeholder value,” PSE chief operating officer Roel Refran said on Friday.