MANILA, Philippines — Vista Land & Lifescapes Inc., the listed property developer of the Villar Group, has set the dividend rates for its preferred shares offering of up to P5 billion.
Vista Land is offering later this month up to 50 million Series 2 preferred shares at P100 apiece.
The dividend rate for the Series 2A is set at 7.9892 percent per annum, while Series 2B is at 8.4 percent.
“The proceeds of the offer shall be used to refinance existing indebtedness, purchase, develop, construct or improve assets, property or equipment and for general corporate purposes,” Vista Land said.
The offer will consist of a base offering of 30 million preferred shares and an oversubscription option of up to 20 million shares.
The offer period will run from Sept. 16 to 25, while the listing on the main board of the Philippine Stock Exchange (PSE) is on Oct. 4.
Vista Land has already secured the approval of both the PSE and the Securities and Exchange Commission to proceed with the fundraising activity.
BDO Capital & Investment Corp., China Bank Capital Corp. and SB Capital Investment Corp. were mandated as joint issue managers, joint lead underwriters and joint book runners for the offer.
Following a strong first half performance, Vista Land has expressed its commitment to continue its strategy of asset maximization and optimization through Vista Estates, which now encompasses 26 locations nationwide.
The company is also eyeing to solidify its foothold in the horizontal residential market with several launches in the provinces given its wide geographic presence in the country.
Vista Land has the country’s widest geographically diverse portfolio with nationwide presence in 147 cities and municipalities in 49 provinces.