Ayala Corp. (AC) said it has sold P5.7 billion worth of interest in Manila Water Co. (MC) back to the company.
The transaction was crossed through the Philippine Stock Exchange as a regular block sale where Manila Water bought back from Ayala 289 million common shares, while Ayala unit Philwater Holdings Company Inc. sold back 436.24 million participating preferred shares, Ayala said.
Ayala said the common shares transaction was priced at P17.1647 per share based on a 30-day volume-weighted average price as of October 10, adjusted for a 4 percent block discount, aligned with the standard deal structure of block sales.
The Philwater stake was priced on a negotiated basis at P1.7165 per share.
Ayala said it will now retain an effective 23.5 percent voting stake and effective 22.5 percent economic stake in Manila Water post-transaction, down from 30.06 percent stake.
“The sale is aligned with Ayala’s strategy to rationalize its portfolio and raise P50 billion in proceeds. The proceeds will be used to pare down debt and fund future investments,” Ayala said.
