Vista Land & Lifescapes Inc., a property development arm of the Villar Group, said Wednesday it will register with the Securities and Exchange Commission up to 50 million preferred shares it would issue in the future to raise funds for various projects.
Vista Land said its board left it to the company’s management to determine the terms, including the dividend rate, and timing of when to issue the preferred shares, which are perpetual, redeemable, non-voting and non-convertible. The shares’ par value is P0.10.
The listed company has mandated China Bank Capital Corp. and SB Capital Investment Corp. to act as joint lead underwriters and joint bookrunners for the preferred shares offer.
Vista Land said it will issue additional disclosures in respect of the offer in due course.
