Richest Filipino Manuel B. Villar Jr.’s Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers and the largest homebuilder, is planning to offer 50 million preferred shares.

In a disclosure to the Philippine Stock Exchange, the firm said its Board of Directors has approved the application with the Securities and Exchange Commission for registration and offer and sale in the Philippines of the preferred shares.

The offering will be for 50 million perpetual, cumulative, deferrable, non-participating, non-voting, redeemable, and non-convertible Series 2 Preferred Shares with a par value of P0.10 per share, in one or more sub-series.

“The Board of Directors of the Company has authorized Management to determine such other terms and conditions of the Offer, as may be advantageous to the Company and in accordance with the scope of authority given by the Board, including, but not limited to, the determination of the dividend rate of the Offer Shares, and the timetable for the Offer,” Vista Land said.

It added that, China Bank Capital Corporation and SB Capital Investment Corporation have been mandated to act as joint lead underwriters and joint bookrunners for the Offer, without prejudice to the appointment by management of additional underwriters.

Picazo Buyco Tan Fider & Santos shall act as counsel to the Company while Romulo Mabanta Buenaventura Sayoc & delos Angeles shall act as counsel to the joint lead underwriters and joint bookrunners.

In compliance with the requirements of the PSE, the Vista Land Board has approved the submission for the approval of its stockholders, by way of written assent, the listing of the Offer Shares.

An Information Statement, which shall include the form of the written assent, shall be sent to the stockholders of the Company in due course. For the said written assent solicitation, the Board has set the record date on 21 May 2024.

The Vista Land Board has also authorized the Corporate Secretary and BDO Unibank, Inc. – Trust and Investments Group, the stock transfer agent of the Company, to be responsible for counting votes based on the number of shares entitled to vote owned by the stockholders as of the aforementioned record date.

The votes shall be counted based on the filled-up written assent instruments form attached to this Information Statement and to be received from stockholders of the Company.

As soon as the affirmative votes reach at least majority of the total issued and outstanding common capital stock (or equivalent to at least 6.35 billion out of the 12.7 billion issued and outstanding common shares), the listing of the Offer Shares shall be considered approved by the stockholders.