Ayala Corp. said shareholders eligible for ACEN Corp. shares will get their respective property dividends by Monday, January 9.
This follows after the conglomerate received the last regulatory approval to issue the property dividend from the Bureau of Internal Revenue (BIR).
In April last year, Ayala announced issuing to shareholders the 1.86 billion shares of ACEN, then worth P4.5 billion, it acquired from unit AC Energy and Infrastructure Corp.
Ayala will issue one ACEN share to shareholders for every three company shares they own.
“The declaration of property dividends provides the opportunity for AC’s shareholders to directly benefit in one of its recent successful business-building initiatives,” the company had said.
The property dividend, however, is also seen by the market as the company’s effort to comply for the mandatory 20 percent minimum public ownership in companies that comprise the Philippine Stock Exchange index (PSEi).
The property dividend increases ACEN’s public float to 20.6 percent from the previous15.9 percent. It, however, reduced AC’s stake in the energy firm to 57.8 percent from the previous 62.5 percent.
