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