April 30, 2007

New Villar 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.

Vista 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.