The company, one of several listed firms owned by Villar, is reviewing the potential sale of non-core assets that could generate up to 15 billion pesos ($240 million), it said in a stock exchange filing on Tuesday.
The developer is also assessing strategic options for its retail assets, including potential transactions involving VistaREIT, as well as other sources of liquidity such as financial investments and bank financing.
“The company continuously evaluates various funding and liquidity management alternatives in the ordinary course of its business to ensure that it remains well-positioned to meet its financial obligations,” the developer said in the statement.
Vista Land faces a challenging position, with substantial debt maturities over the next three years, including a $450 million bond due in July 2029, research firm CreditSights said in a recent note.
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Manuel Villar, chairman of Vista Land. Photo courtesy of Vista Land |
However, the company has credible options to address its funding gap, including divesting some of its retail assets and landbank, it said.
“The key risk for the company is execution and timely fundraising ahead of the debt maturities, compounded by weak financials and deep governance concerns,” according to the report.
Vista Land, along with several other Villar-owned companies, has been suspended from trading by the Philippine Stock Exchange since June after failing to submit its financial reports on time.
The company said the audit of its 2025 financial statements remains ongoing, delaying the preparation of its financial statements for the first six months of the year as well.
In February, the Philippine Securities and Exchange Commission also filed a criminal complaint seeking to prosecute Villar and his listed flagship Villar Land, along with the company’s directors, for alleged market manipulation and insider trading.
Beyond real estate, Villar, who ran for president in 2010, has interests in energy, media, retail and restaurants. With an estimated net worth of $2.4 billion, the tycoon ranked ninth in the country’s wealth, according to the Philippines’ 50 Richest list released by Forbes in August.
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