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Philippine billionaire Villar's REIT ends first trading day flat

VistaREIT plunges by as much as 9% amid global rout

The assets of VistaREIT, which listed on the Philippine stock market on June 15, include 10 shopping centers and two office towers. (Source photos by AP and screenshot from Vista Mall Taguig's Facebook page) 

MANILA -- The real estate investment trust of Manuel Villar, the Philippines' richest man, got off to a rocky start on its first day of trading on Wednesday, with shares falling by as much as 9.14% after a 4.8 billion pesos ($90 million) initial public offering.

VistaREIT ended the day flat at its 1.75 pesos per share offer price after recovering early losses, while the benchmark Philippine Stock Exchange index closed 2.4% down. 

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