23 October 2016
Starmalls operates 10 shopping centers in the Philippines. Photo:
Starmalls operates 10 shopping centers in the Philippines. Photo:

Philippine tycoon eyes US$698 mln mall deal

Vista Land & Lifescapes Inc. will buy Starmalls Inc. in a 33 billion peso (US$698 million) deal that combines the residential and shopping mall units of Philippine billionaire Manuel Villar, Bloomberg reported.

Manila-based Vista Land said it agreed to buy 88.25 percent of Starmalls at 4.51 pesos a share from Villar and his family, a filing with the Philippine stock exchange Tuesday shows.

That is a 45 percent discount to Starmalls’ last traded price of 8.18 pesos.

Vista Land will issue 4.57 billion new shares to the Villar group at 7.15 pesos each.

Villar said last month his group is considering combining Vista Land, a builder of low-priced homes, and shopping-center developer Starmalls, which has 10 malls, as he seeks to turn housing projects across the Philippines into self-contained communities.

Vista Land will make a tender offer for the rest of Starmalls shares not held by Villar’s group, and the tendering minority shareholders will be required to invest 97.5 percent of the proceeds into shares of Vista Land.

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