By Jenniffer
B. Austria | Posted on Mar. 08, 2013 at 12:00am |
[
manilastandardtoday.com ]
Ayala Corp.
plans to issue up to 100 million common shares to raise fresh capital to
acquire assets and repay its debt.
The issuance
of 100 million shares could generate as much as P56 billion in proceeds, based
on the holding company’s closing of P562 per share.
Ayala Corp.
said in a disclosure to the stock exchange its board approved to exempt from
pre-emptive rights the issuance of 100 million common shares “for the purpose
of raising cash to acquire properties or assets needed for business of the corporation
or in payment of previous contracted debt.”
The proposed
exemption will be subject to shareholders approved during the company’s annual
stockholders’ meeting next month.
Meanwhile,
Ayala Land Inc., the conglomerate’s property unit, said it successfully raised
P12.2 billion through a top-up offering that will be used to acquire land for
future developments.
Ayala Land
said it sold 399.52 million common shares at P30.50 per share. The offer price represents a 3.6-percent
discount of the five-day volume weighted average price of ALI stock.
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