AC hikes stake in ALI

- Advertisement -

Ayala Corp. said it has increased its stake in unit Ayala Land Inc. to 49.5 percent after buying 468.67 million shares.

Ayala acquired another 3.2 percent in economic stake worth P11.2 billion.

The company said including its ownership of 12.16 billion voting preferred shares in Ayala Land, its voting stake in the latter has increased to 71.6 percent from 69.8 percent.

- Advertisement -

Ayala added that once its property-for-share swap with Ayala Land is completed, its ownership in Ayala Land in terms of common shares will increase to 50.5 percent while its voting stake will increase to 71.9 percent.

“While there would be an increased ownership percentage of Ayala in Ayala Land resulting from the share acquisition as well as the property-for-share swap (once effective), the mandatory tender offer requirement is not triggered because there is no change in control of Ayala Land. Neither was there a change of beneficial owner of Ayala Land,” the company said. – Ruelle Castro

Author

- Advertisement -

Share post: