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Ayala to raise P56-b capital

By Jenniffer B. Austria | Posted on Mar. 08, 2013 at 12:00am |
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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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