|
The newly incorporated holding company of the MB
Villar group has listed with the Philippine Stock Exchange, and
shareholders on Monday refused to sell as share prices went through
the roof on its first trading day.
Vista Land and Lifescapes Inc.
with symbol “VLL” listed its 6.42 billion shares simultaneously
with the delisting of its subsidiary, C&P Homes Inc., after a
share swap with major shareholders and tender offer to minority
shareholders.
The 1-for-1 stock swap and tender
offer were priced at P2.46 per share, which was also the initial
listing price of the company, while its delisted subsidiary traded
for the last time at P4.05 per share.
Shareholders held on to their
investment on opening of trading on Monday even as buyers for the
29.22 million shares were willing to buy these at the ceiling price
of P3.65 per share. Only one transaction of 1,000 shares was done
toward the end of the trading session.
The government recently approved
the company’s application to sell shares to the public for the
first time to raise funds for its real-estate business expansion. It
intends to raise a maximum of 3.89 billion shares with 2.12 billion
new shares would be sold via primary offer be priced between P3 to
P10 per share.
-- Likha Cuevas-Miel
|
