Affordable housing developer Vista Land and Lifescapes, Inc. projects raising P5 billion from the sale of preferred shares that the Securities and Exchange Commission recently approved.
The registration extends over 30 million series 2 preferred shares, including an oversubscription option of up to 20 million, contingent on meeting certain requirements.
The preferred shares are perpetual, cumulative, non-participating, non-voting, redeemable and non-convertible offered at only P100 apiece.
Full exercise of the oversubscription option will allow the listed firm to raise P4.94 billion which will refinance existing debt and fund other corporate activities.
The offer period begins 20 August 20 to 4 September in time for listing at the Philippine Stock Exchange on 13 September 13.
Vista Land has tapped BDO Capital and Investment Corp., China Bank Capital Corp. and SB Capital Investment Corp. as joint issue managers, joint lead underwriters, and joint book runners for the offer.
