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SEC approves P1-B ALI shares issue

By Ma. Elisa P. Osorio
Wednesday, June 4, 2008 [ philstar.com ]

The Securities and Exchange Commission (SEC) has given the go-signal for Ayala Land Inc.’s issuance of up to P1 billion worth of common shares of stock, the country’s top property developer told the Philippine Stock Exchange (PSE).

According to the real estate firm, the shares may be exchanged for properties or assets.

ALI said the share issuance will raise funds to acquire properties or assets needed for its business via the issuance of equity or equity linked instruments.

ALI said existing stockholders will waive their preemptive rights or the privilege to purchase the additional shares to enable the public to acquire the shares.

Late last year, the corporate regulator approved ALI’s increase in authorized capital stock as well as its offering and issuance of preferred shares.

ALI increased its authorized capital stock to P21.5 billion, divided into 20 billion common shares at par value of P1 and 15 billion preferred shares at par value of 10 centavos, from P20 billion.

The SEC also approved the offering and issuance of new 13.034 billion preferred shares, which are considered issued and outstanding starting Oct. 18, to ALI’s common shareholders.

The company said the issuance of preferred shares is essential as it is close to breaching the 40-percent foreign ownership cap. Reaching the limit would mean that investors are locked in and cannot freely trade their shareholdings.

Proceeds of the share sale amounting to P1.3 billion would go to general corporate purposes and capital expenditures.

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