By Jenniffer
B. Austria | Jul. 19, 2015 at 11:50pm [ manilastandardtoday.com ]
Home builder
Vista Land & Lifescapes Inc. is increasing its authorized capital stock to
P18 billion from P12 billion in preparation for a possible fund raising
activity.
Vista Land
said in a regulatory filing its board approved the increase in the company’s
capital stock and called for a special stockholders’ meeting next month to
clear the proposal.
“With the
increased authorized capital stock, the company will be able to take advantage
of any equity fund raising opportunities that may become available, as the
company will now have sufficient authorized and unissued shares that it can
issue in an expeditious and efficient manner,” Vista Land said.
Vista land
set the special stockholders’ meeting on August 28, 2015.
The
P18-billion capital stock will be divided into 17.9 billion common shares with
a par value of P1 apiece and 10 million preferred shares with a par value of
P0.01 per share.
Owned by the
family of former senator Manuel Villar, Vista Land is the largest homebuilder
in the Philippines having built about 300,000 homes in 86 cities and
municipalities in 35 provinces around the country.
Unit VLL
International last month raised $300 million from the sale of senior unsecured
notes due in 2022 with a nominal rate of 7.375 percent. It was the first 7-year
tenor notes issued by the company under a $1-billion medium term note program.
VLL plans to
use proceeds from the offering for refinancing, general working capital
purposes and other general corporate activities.
Since its
re-IPO in 2007 when it raised P25.1 billion in proceeds, Vista Land has not
generated funds through the equities market and has done most of its fund
raising through the debt and bond markets.
Vista Land
posted a net income of P1.64 billion in the first quarter of 2015, up 10
percent from P1.49 billion year-on-year. Revenyes increased 10 percent to P6.06
billion fromn P5.49 billion on year.
Vista Land
said it would spend P25 billion in capital expenditures this year. Share price
of Vista Land closed at P6.98 Thursday.
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