MANILA, Philippines - Vista Land & Lifescapes Inc., the listed holding firm for all property interests of the family of Sen. Manuel Villar, is acquiring Polar Mines Realty Ventures Inc. through a stock swap valued at P320.69 million.
In a disclosure to the Philippine Stock Exchange yesterday, Vista Land said it has entered into a deal to acquire Polar Property Holdings Corp.’s 97 percent interest in Polar Mines, including accounts receivable, amounting to a total P702.65 million.
In exchange for the shares and receivables, Vista Land will transfer to Polar Property a total of P320.69 million worth of its own shares presently held in treasury.
Vista Land said it would acquire the remaining outstanding shares in Polar Mines from the individual holders for a total cash consideration of P2.5 million.
As of end-2008, Polar Property, a company also owned by the Villar family, had a 5.35 percent stake in Vista Land.
Polar Mines handles the vertical, high rise condominium projects of Polar Property. Among its projects include the Symphony Towers, a twin-tower condominium project along Sgt. Esguerra Ave. near the corner of Timog Ave. in Quezon City; Presidio, a 16-tower project to rise on a 6.8-hectare property at the crossroads of Sucat and Taguig; and Crown Tower at the University Belt.
Polar Mines will be the latest addition to the existing four business units under Vista Land’s wings which comprise Brittany, Crown Asia, C&P Homes and Communities Philippines.
Brittany caters to the high-end market segment while Crown Asia caters to the middle market housing sector.
On the other hand, C & P Homes services the low-cost (including socialized) and affordable housing segment while Communities Philippines offers residential properties outside the Mega Manila area in the low-cost, affordable and middle market segments.
Aside from the share swap, Vista Land also approved the extension of its share buyback program by an additional six months or up to May 12, 2010. The company launched the program on Nov. 12, 2007 and extended it up to May 12, 2009.
The company has allotted a maximum amount of $25 million for the repurchase program. As of April 30, 2009, Vista Land has bought back a total of 320.69 million shares with an aggregate value of about P619.10 million (exclusive of other charges).