The Manny Villar-led Vista Land and Lifescapes Inc. has declared about P1 billion in cash dividends payable to its stockholders in October.In a statement, Vista Land said its board of directors approved the declaration of cash dividends amounting to “approximately 20 percent of the company’s consolidated net income” for 2013, when it recorded P5.1 billion in profits.
The cash dividend will tally to P0.11858 per share, to be paid on October 24.
“[The dividends] shall be payable in cash to all its stockholders on the basis of outstanding stocks held by them,” the company said.
Earlier, the company said it would upsize its US-based unit’s dollar denominated bonds to $350 million on top of the previously issued $225 million dollar bonds.
Vista Land grew its net income by 14 percent to P2.8 billion in the first six months of the year from P2.5 billion a year ago. It said it is on track with its full-year targets of “double-digit growth” for net income and revenues for 2014.
Incorporated in 2007, Vista Land is engaged in the real estate business, mostly in low- and middle-cost housing segments, and is working to diversify into the hotel business.