062107: Vista Land eyes IPO within a year

June 21, 2007
Updated 18:41:21 (Mla time)

XFN-Asia

MANILA, Philippines -- Property developer Vista Land & Lifescapes Inc. plans to undertake an initial public offering within the next 12 months.

The IPO, which was approved by the Securities and Exchange Commission, will involve up to 3.89 billion common shares, according to company documents.

The shares to be sold include new issues from the company's authorized but unissued capital stock, and shares held by existing stockholders of Vista Land.

The company has given an offer price range of P3 to P10 per share.

The proceeds will be used to finance capital expenditure, pay debts, and for working capital requirements.

UBS Investment Bank is the global coordinator and bookrunner, with ABN Amro Rothschild as co-lead manager. BDO Capital and Investment Corp. is the domestic underwriter.

Vista Land recently acquired C&P Homes Inc., which will be delisted by Monday. This paves the way for the initial listing of up to 6.4 billion common shares in Vista Land at P2.46 per share.

($1 = P46.11)

 

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