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Vista Land gets SEC OK on capital restructuring

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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