Villar’s Vista Land raises P3B from preferred share offer

Tycoon Manuel Villar Jr.’s Vista Land & Lifescapes raised P3 billion from a preferred share offer, fully selling out the base portion of the deal while the P2-billion overallotment option was not exercised.

Vista Land sold 30 million shares at P100 each to investors, a regulatory filing showed. These were comprised of 14.24 million Series 2A shares, which will pay dividends of 7.9892 percent, and 15.66 million Series 2B shares, which will pay 8.4 percent.

The developer is raising the fund to refinance debts. The shares will be listed on the Philippine Stock Exchange on Oct. 4.

​Manuel Villar ​Jr. 
Vista Land Chair 

Retail, institutional buyers

Vista Land hired BDO Capital & Investment, China Bank Capital, and SB Capital as joint issue managers, joint lead underwriters, and joint bookrunners.

“We are pleased with healthy investor support for Vista Land’s inaugural offering of preferred shares,” said Juan Paolo Colet, managing director at China Bank Capital.

“We saw good take up driven by retail and institutional investors looking to lock in attractive dividend yields,” he added.

About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

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