Published : Monday, January 09, 2012 00:00 [ manilatimes.net ]
Written by : KRISTA ANGELA M. MONTEALEGRE
SUBSIDIARIES of Vista Land & Lifescapes Inc. moved to raise its capitalization as part of the listed real estate company’s drive to expand its condominium arm and its presence outside Metro Manila.
Documents from the Securities and Exchange Commission showed that Vista Residences Inc., the condominium arm of the Villar-led property firm, obtained the regulator’s nod to raise its authorized capital stock from P100 million to P500 million. Communities Philippines Inc., which builds housing projects in the provinces under the Camella brand, on the other hand, subscribed to the capital stock hike of Communities Leyte Inc., Communities Isabela Inc., Communities Negros Inc. and Communities General Santos Inc.
“The authorized capital of these subsidiaries were increased because part of our strategy for 2012 is to aggressively expand in provincial areas,” Ricardo Tan, Vista Land chief financial officer, said in a text message. Last week, the regulator approved the authorized capital stock hike of Communities Leyte from P20 million to P200 million and Communities Isabela from P20 million to P100 million.
Communities General Santos has yet to obtain the regulator’s nod to increase its capital stock from P20 million P200 million as of press time on Friday. Vista Land has the broadest presence in the Philippines among all the major property developers given its presence in 22 provinces and 52 cities and municipalities.
At end-September 2011, Vista Land launched 19 projects worth P13 billion, 13 of which are in the low and affordable segment while the remaining six are condominium projects.
Vista Land’s earnings grew by a fifth to P2.61 billion in the first nine months of 2011 on higher real estate revenues. Sales for the nine-month period reached P18.3 billion. For the year 2011, Vista Land is targeting about P3.4 billion in earnings and approximately P24 billion in sales. Its shares lost P0.03 or 1.05 percent to close at P2.84 each on Friday.