By Zinnia B. Dela Peña (The Philippine
Star) Updated October 28, 2012 12:00 AM
MANILA, Philippines - Vista Land &
Lifescapes Inc. has secured the Securities and Exchange Commission’s nod to
undertake a capital restructuring program.
The two-pronged equity restructuring
involves the reduction in par value of common shares to one cantavo from 10
centavos and an increase in its authorized capital from 11 billion common
shares to 11.9 billion common shares.
The plan also includes the reduction
of the maximum amount of dividend that may be declared and paid on the
preferred shares from 10 percent per annum to five percent.
The company shall also make the
dividends on the preferred shares non-cumulative.
Villar-controlled Vista Land is
recognized for its themed and masterplanned communities that offer quality
housing across all market segments. The company has also successfully
penetrated the market for vertical developments and has become a trusted name in
this field.
The company said it is on track to hit
its target of a 20 percent rise in profit and sales this year to P4.2 billion
and P16 billion, respectively. Reservation sales are likewise seen to reach P40
billion by yearend.
Vista Land remains the country’s
number one property developer in terms of geographical reach, spanning 28
provinces and 58 cities and municipalities nationwide.
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