PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .
.
.

Ayala raises over P6B for infra plans

Posted on July 18, 2012 09:48:18 PM [ BusinessWorld Online ]

LISTED CONGLOMERATE Ayala Corp. said it raised P6.45 billion from an overnight private placement of its treasury shares as it looks to spend $1 billion on its foray deeper into the power and infrastructure business.

“The executive committee of Ayala approved [Tuesday evening] the sale on the Philippine Stock Exchange of its 15 million common shares held in treasury at a price of P430 per share,” the disclosure stated, adding that the shares were sold at a 6% discount to Tuesday’s closing price.

Cash proceeds of P6.45 billion will be allotted for the Ayala’s further foray into power generation and transportation infrastructure.

“Ayala is looking to invest up to $1 billion over the next five years in the transport infrastructure and power generation sectors as it builds a portfolio of power generation assets and as it sets its sights on toll road, rail, and airport projects under the government’s public-private partnership (PPP) program,” the company said.

Last December, Ayala bagged the contract to build and operate the Daang Hari-South Luzon Expressway link, a four-kilometer, four-lane thoroughfare that became the first PPP project to be bid out by the government.

Since then, Ayala has expressed interest in bidding for the operation and management of the Light Rail Transit Line 1 extension and rehabilitation of several airports, among others.

Ayala shares dropped sharply by 5.02% to P435.00 yesterday from its previous close. -- Franz Jonathan G. de la Fuente
_________________________________________________________________

real estate central philippines
Copyright ©2008-2017