The Securities and Exchange Commission, in a statement on Monday, approved the property giant's proposed offer of up to 30 million series 2 preferred shares, with the option to add 20 million more if demand is high, pending a few final requirements.
These preferred shares, priced at P100 each, are non-voting, non-convertible, and can be redeemed by the company. The shares are targeted for listing on the Philippine Stock Exchange on Sept. 13.
Vista Land hired BDO Capital & Investment Corp., China Bank Capital Corp., and SB Capital Investment Corp. to manage and underwrite the offering.
This is Villars' second major fundraising deal after Vista Land recently secured $350 million (P20 billion) from the sale of notes. This will allow the builder to meet $350 million worth of loan payments due in November.
Vista Land issued the five-year bonds with an annual interest rate of 9.375 percent.
