Mass housing builder Vista Land and Lifescapes Inc. is completing its acquisition of sister company Starmalls, Inc., a joint disclosure of the two firms on Wednesday said.
The firms’ founder, real estate mogul and politician Manuel Villar, earlier said the merging of his real estate business’ housing and retail segments is meant to make Vista Land a major integrated property developer in the Philippines.
In a disclosure to the Philippine Stock Exchange on Wednesday, the two Villar firms said Vista Land bought a total of 6.97 million Starmalls shares by way of a block sale “through the facilities of the PSE.”
The shares were tendered through a tender offer period, which commenced on January 4, and ended on February 16.
At the same time, Vista Land’s parent firm, Fine Properties Inc., transferred a total of 2.12 million listed Vista Land shares to shareholders who had opted to reinvest, in accordance with the terms of the Starmalls acquisition.
Moreover, Vista Land said it bought 743 million more Starmalls shares through another block sale.
“We also disclose the Second Closing and completion of the STR (Starmalls) Acquisition with the purchase of VLL (Vista Land) through a block sale of the 743,293,328 STR Shares owned by Fine Properties, representing approximately 8.82 percent of the total outstanding capital stock of STR,” the Villar firms told the bourse.
They added that a total of 457 million new Vista Land shares were correspondingly issued to Fine Properties.
“Following the transfer of the Tendered Shares and the Second Closing and completion of the STR Acquisition, the public float of STR is approximately 11.66 percent,” the companies said.
In November, Vista Land announced that it was acquiring Starmalls for P33 billion, in a bid to become a major integrated developer in the country.