MANILA, Philippines - Vista Land & Lifescapes Inc. said on Thursday it has obtained regulatory approval to restructure a portion of its capital—a move the company says will give it flexibility in raising funds in the future while complying with national ownership laws.
Vista Land said the Securities and Exchange Commission approved its request to cut the par value of its preferred shares to P0.01 per share from P0.10 per share. This resulted in the reclassification of preferred shares with a total par value of P900 million into 900 million common shares with a par value of P1.
The company, controlled by the family of Sen. Manuel Villar Jr., said the reclassification increased its authorized common shares to 11.9 billion shares from 11 billion previously. It said in the disclosure that there will be no dilution as a result of the reclassification because no new common shares have been issued at present.
Vista Land declined 1.38 percent to P5 each on Thursday, giving it a market value of P42 billion.