holding firm hikes capital to P12B
By ZINNIA DELA PEÑA
The Philippine Star
Vista Land & Lifescapes Inc., the newly-incorporated holding firm of the family of re-electionist
Sen. Manuel Villar, is raising its capital to P12 billion from only P4 million in preparation for the listing of its shares
on the exchange.
The establishment of a holding company is part of a plan to raise additional funds for the development
of the Villar group’s real estate projects.
Securities and Exchange Commission officials said Vista Land
will either list its shares by way of introduction or through an initial public offering (IPO) of its shares.
Land will serve as the Villar family’s holding firm for its shares
in various companies catering to distinct segments of the residential housing market.
One such company Polar Property Holdings, subscribed to 722.61 million shares of Vista Land, as it contributed its shares in Britanny Corp.,
Crown Asia Properties North Inc. and Crown Communities Holdings to Vista
Land in exchange for a 16% stake in the latter. As such, Polar will be
able to participate in the business of a much bigger company that has nationwide presence, broader residential housing product
portfolio and wider market reach.
Other assets to be transferred are Crown Communities in Cebu, Iloilo,
Davao and Pampanga, all of which offer residential projects
outside the Mega Manila area, in the low-cost, affordable and middle-income market segments.
Polar and other property transferees agreed to transfer their shares to the respective operating
subsidiaries on the basis of the book value of the shares of the operating subsidiaries as of end 2006 and the agreed issue
value of the Vista Land
shares which is P2.46 per share.
Brittany caters to the high-end market segment in the Mega Manila area, offering luxury homes
in master-planned communities priced at P9 million and above. Its major developments include Crosswinds in Tagaytay City and Portofino
in Alabang. It has recently ventured into the high-rise residential condominium business with the Viera project in Parañaque,
Mosaic in the Makati central business district and the newly-launched Avant project in Fort Bonifacio.
Crown North and Crown South, meanwhile, cater to the
middle-market segment in the Mega Manila area, offering houses priced between P3.5 million and P9 million. Since their inception
in 1995, these companies have launched and developed more than 20 projects which include Maia Alta, Cottonwoods, Ponticeli,
Citta Italia and Amici.
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