Posted on September 11, 2013 10:19:25 PM [ BusinessWorld Online ]
FORMER SENATOR Manuel B. Villar, Jr. will formally lead the property holding company he founded, following his election as director and chairman of Vista Land & Lifescapes, Inc., the listed real estate developer said in a disclosure yesterday.
The election of Mr. Villar took place during a board meeting yesterday, according to the disclosure.
“My election as chair [sic] completes my journey from being a businessman, then a politician/public servant and now back at the helm of leading the country’s biggest home builder,” Mr. Villa said in a text message yesterday.
“I want to thank the board of their trust and assure our stakeholders and shareholders of more quality and affordable home projects for the Filipino families.”
Mr. Villar, who founded property companies Fine Properties, Inc. and Polar Property Holdings Corp. which preceded Vista Land, told reporters in May that he would go back to the business scene after his term as senator expires.
Mr. Villar, who was a senator from 2001 to June 2013, was never a board member of Vista Land, which was founded in 2007 as the holding firm of his family’s real estate ventures.
Mr. Villar will replace Marcelino C. Mendoza as chairman and Ricardo B. Tan, Jr. as director, the disclosure said. “The board also accepted with regrets the resignation of Mr. Tan from the board effective immediately, and from the positions of chief financial officer, compliance officer and corporate information officer, effective Sept. 30,” it said, adding that Cynthia J. Javarez had been named interim chief financial officer and Ma. Nalen Rosero-Galang, compliance and corporate information officer.
The same disclosure also said the company had approved cash dividends of P0.102 apiece payable on Oct. 22, 2013.
Shares of Vista Land, which grew profit 17.89% annually to P2.57 billion in the first half, gained five centavos to P5.26 apiece yesterday.