Vista Land Oks P1.5-B share buyback

Posted at 06/15/11 5:36 PM

MANILA, Philippines - Villar-led property firm Vista Land and Lifescapes Inc. said Wednesday its board has approved a share buyback program of up to P1.5 billion to boost shareholder value.

In a stock exchange disclosure, Vista Land said the buyback will be implemented over a period of 24 months.

"The other details of the share buyback exercise, including the timing and volume of share purchases, were left to the discretion of management," the company said.

Vista Land, with a market capitalization of P27 billion, is the holding company of brands Camella Homes, Brittany, Crown Asia and Communities Philippines.

The group is engaged mainly in the development of residential subdivisions and condominium units catering to the affordable housing, middle-income and high-income markets.

During the first quarter of the year, Vista Land posted a 26% growth in net income to P876 million.

The company has earmarked P45 billion for capital expenditures over the next three years.