Ayala sells 1.4% stake for P8.07 B

Published July 23, 2018, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Ayala Corporation, the country’s oldest conglomerate, has raised P8.07 billion through the private placement of its common shares.

Ayala Corporation logo (Photo courtesy of www.ayala.com.ph/)
Ayala Corporation logo (Photo courtesy of www.ayala.com.ph/)

“We are pleased to announce our placement of 8.81 million common shares of stock at a price of P916.00 per share. We completed the placement upon its approval by our Executive Committee,” the firm said in a disclosure to the Philippine Stock Exchange.

It added that the sale was executed through a subscription agreement with a single long-term institutional investor who had made a reverse inquiry.

“The placing price reflects a discount of 1.08% to the 30-day volume weighted average closing price of our shares,” said Ayala.

The private placement increased Ayala’s public float from 51.6% to 52.3%. Ayala said it will apply for the listing in the PSE of the shares, which constitutes 1.4% of its increased common stock.