By JAMES A. LOYOLA
Real estate giant Ayala Land Inc. is planning to raise up to P10 billion through the issuance of retail bonds under its current ₱50 billion shelf registration program.
In a disclosure to the Philippine Stock Exchange, the firm said proceeds of the bond offering will be used to partially finance general corporate requirements and to refinance maturing loans.
ALI said it intends to list these retail bonds on the Philippine Dealing and Exchange Corporation. The firm also listed ₱10 billion worth of fixed rate bonds in November last year.
Meanwhile, ALI said it is also allotting additional ₱25 billion for its current share buyback program, bringing the available balance to ₱26.1 billion.
The program will be implemented through open market purchases executed via the trading facilities of the Philippine Stock Exchange.
ALI also announced the declaration of cash dividends of ₱0.268 per outstanding common share equivalent to about ₱3.9 billion based on its outstanding capital of 14.72 billion shares.
“This reflects a 3 percent increase from the cash dividends declared in the first half of 2019 amounting to ₱0.26 per share,” the firm said.
It added that the cash dividends will be payable on March 20, 2020, to stockholders of common shares as of record date March 6, 2020.
ALI reported a 13 percent growth in net income to ₱33.2 billion last year while total revenues improved 2 percent to ₱168.8 billion.
The increase in earnings and revenues were driven by office, and commercial and industrial lots sales, and supported by higher contributions from new leasing formats.
Property development revenues reached ₱117.6 billion while sales reservations amounted to ₱145.9 billion, 3 percent higher than last year as ALVEO and Avida brands registered growth in reservations.
Meanwhile, newly opened malls, offices and hotels drove the expansion in commercial leasing revenues which increased 13 percent to ₱39.3 billion.