By Zinnia B. Dela Peña (The Philippine Star) Updated June 16, 2011 12:00 AM
MANILA, Philippines – Vista Land & Lifescapes Inc., the property holding firm of the Villar family, approved yesterday a new buyback program of up to 1.5 billion shares over a two-year period.
Vista Land said the repurchase program is intended to enhance the company’s share value.
The company earlier approved the issuance of additional US dollar notes, which would have the same terms as its maiden dollar bond issue in September last year.
Vista Land debuted in the offshore debt market with a $100-million, five-year unsecured bond issue, which carried a coupon of 8.25 percent per year.
The planned bond issue would be consolidated to form a single series with the $100 million bonds issued in September.
Vista Land is the country’s pioneer homebuilder and the only developer that can claim to have the widest geographic reach. Its projects are now available in 21 provinces and 48 cities and municipalities – and the company’s bullish expansion shows no signs of slowing down.
The company has sold over 250,000 homes in its 35 years in the business – with growth primarily propelled by the Camella brand. Just recently, Camella announced the expansion and opening of developments in at least 16 key destination with P12 billion worth of affordable projects.
Vista Land is embarking on a massive three-year expansion program that would require it to shell out P45 billion to shore up its presence throughout the country. For this year, it intends to make its presence felt in Ilocos Sur and Ilocos Norte, La Union, Nueva Ecija, Bicol, Batangas, Quezon, Bataan, Pampanga, Davao, Butuan, Agusan del Sur and Zamboanga.
The aggressive expansion is mainly driven by the continued strength of the overseas Filipino workers market, which currently contributes around 60 percent of Vista Land’s reservation sales.
Vista Land is also fasttracking the development of four of its major masterplanned projects – Evia in the Alabang-Las Pinas area; Lakefront in Sucat, Paranaque; Sta. Elena in Sta. Rosa, Laguna; and Crosswinds in Tagaytay.
The company has been on a solid, steady growth path in recent years and intends to capitalize on its large, strategically located landbank within the Mega Manila area.
______________________________________________________________
