Vista Land's Avant project
InterAksyon.com
The online news portal of TV5
MANILA - Vista Land & Lifescapes Inc has completed the sale of all its treasury shares, raising P636 million.
In a disclosure to the Philippine Stock Exchange, the property firm of Senator Manuel Villar said it sold 133.91 million treasury shares at P4.75 apiece, representing a 2 percent discount from Thursday's close of P4.85 per share.
The share sale was aimed at boosting liquidity of the company's shares amid strong investor demand, Vista Land said.
Vista Land will no longer have any treasury shares after the transaction. It has 8.539 billion outstanding common shares.
Proceeds of the transaction will be used for general corporate purposes, said Ricardo Tan, Vista Land chief financial officer.
The property developer is raising its capital expenditure budget to over P18 billion amid expectations of sustained economic growth, fueling demand for real estate.
Vista Land would pursue its three-pronged strategy of expanding its horizontal projects in new areas, launching more condominium developments in urban areas and building more commercial developments within or near its residential subdivisions.
The firm has the widest geographical reach among property developers, with a land bank of almost 2,000 hectares nationwide. It is present in 31 provinces and 63 cities and municipalities around the country.
Vista Land is poised to hit or even surpass its net income target of about P4.2 billion and sales of P40 billion for 2012, representing a growth of nearly a fifth from 2011 figures.
At-end September, its earnings grew 24 percent to P3.2 billion from the 2011 figure of P2.6 billion.
Vista Land is the holding company of five business units, namely, Brittany, Crown Asia, Camella Homes, Communities Philippines, and Vista Residences.
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Source: http://www.interaksyon.com/article/51910/vista-land-raises-p636-million-from-share-sale
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