Property developer Vista Land & Lifescapes Inc. will list Friday P3 billion worth of preferred shares.
Vista Land said in a disclosure to the stock exchange it sold 14.337 million VLL2A preferred shares and 15.662 million VLL2B preferred shares. The shares were sold at P100 apiece.
The initial dividend rates for VLL2A and VLL2B are 7.9892 percent and 8.4000 percent, respectively.
The preferred shares are perpetual, cumulative, non-participating, non-voting, redeemable and non-convertible.
Vista Land said it would use the proceeds from the fund-raising activity to refinance various bank loans and corporate notes and for general corporate purposes.
The company tapped BDO Capital & Investment Corp., China Bank Capital Corp. and SB Capital Investment Corp. as joint issue managers, joint lead underwriters and joint book runners for the offer.
Vista Land is the property arm of real estate tycoon Manuel Villar.
Meanwhile, the Philippine Stock Exchange lifted the trading suspension on Golden MV Holdings Inc., another listed firm owned by the Villar family, after it submitted more information about its planned acquisition of a 400-hectare property in Villar City.
Trading of Golden MV shares was suspended Tuesday after it reported it would acquire 400 hectares of land from three Villar-owned companies for P5.2 billion.
Shares of Golden MV closed higher by 6.5 percent to P1.800, following the lifting of the suspension.
The deal gives Golden MV access to 396.88 hectares of prime land in Villar City, a major development covering 3,500 hectares across Metro Manila and parts of Cavite.