SEC Clears Preferred Share Offer by Vista Land & Lifescapes, Inc.

The Securities and Exchange Commission (SEC) has considered favorably the P5 billion preferred share offering of Vista Land & Lifescapes, Inc.

​In its meeting on August 8, the Commission En Banc resolved to render effective the registration statement of Vista Land covering up to 30 million series 2 preferred shares, with an oversubscription option of up to 20 million, subject to the company’s compliance with certain remaining requirements.
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The preferred shares, which are perpetual, cumulative, non-participating, non-voting, redeemable, and non-convertible, will be offered at P100 apiece.

Assuming the oversubscription is fully exercised, the listed property developer to net P4.94 billion from the offer. Proceeds will be used primarily to refinance existing debt and for general corporate purposes.

The preferred shares will be offered from August 20 to September 4, in time for listing at the Main Board of the Philippine Stock Exchange on September 13, according to the latest timetable submitted to the SEC.

Vista Land tapped BDO Capital & Investment Corporation, China Bank Capital Corporation, and SB Capital Investment Corporation as joint issue managers, joint lead underwriters, and joint book runners for the offer.