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Manila Bulletin devider Business devider The Stock Market devider AREIT, ALI complete swap

AREIT, ALI complete swap

Published Jan 19, 2023 04:00 am
AREIT Inc. (AREIT), the pioneer REIT in the Philippines, has obtained the Securities and Exchange Commission’s (SEC) approval of Ayala Land, Inc.’s (ALI) subscription to 252,136,383 AREIT shares in exchange for identified ALI-owned Cebu commercial properties valued at P11,257,889,535.91, pursuant to the Deed of Exchange dated 19 May 2022. caption caption In anticipation of the approval, AREIT declared its third quarter 2022 dividends last 11 October 2022 (Php0.49/share, to stockholders of record as of 25 October 2022), earlier than its regular quarterly dividend declaration. The new assets are expected to contribute to earnings of the company in the succeeding periods. In line with this, the parties have executed an Amendment to Section 4.3 of the Deed of Exchange effecting the recognition of income from the new assets by AREIT for the fourth quarter of 2022.     AREIT will apply for the Bureau of Internal Revenue Certificate Authorizing Registration for the new assets and listing the shares in favor of ALI within the first quarter of 2023.     Upon approval, AREIT’s outstanding common shares will increase to 1,761,047,193 from 1,508,910,810 wherein ALI will own approximately 66% of the total shares while adhering to the prescribed minimum public ownership requirements under Philippine laws.     With the completion of the transaction, AREIT’s gross leasable area (GLA) has expanded to 673 thousand sq. meters. At the closing price of P35.70 on 17 January 2023, the Company’s total market capitalization has reached P63 billion from P27B during its IPO in 2020. \-\-\-

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