MANILA, Philippines - Starmalls Inc., the listed mall development arm of the Villar family, is planning to raise fresh equity by selling common and preferred shares to qualified institutional investors in the US and Philippines via private placement.
In a disclosure to the Philippine Stock Exchange, Starmall said it has also sealed two agreements with Villar-controlled Vista Land & Lifescapes where it was granted the right to manage or acquire all of Vista Land's commercial properties.
Starmalls said its board has approved the execution of a placing and subscription transaction involving the offering and sale of its shares by principal shareholder Fine Properties Inc. and Starmall subsidiary Manuela Corporation.
At the same time, Starmall will issue new shares to Fine Properties equal to the number of shares it will sell via private placement. The new shares will also be listed at the PSE.
Starmalls said it has appointed UBS AG as sole global coordinator, sole bookrunner, sole lead manager and stabilizing agent for the placing transaction. It will also sign a placing agreement with UBS after the determination of the offer price following the book building process and international roadshow.
The firm said the offering size, greenshoe option and lock-up period will be determined at a later date.
Starmalls is also issuing 2.35 billion preferred voting shares to Fine Properties at one centavo per share or P23.5 million which will allow Starmalls to have more foreign shareholders.