AYALA Corp. hopes to complete the reissuance of its preferred share sale, Class B, by October 4.
The fundraising, announced in end-June, is tentatively set to have its dividend rate setting by September 19, in time for the offer period that will run September 23-27.
Ayala is looking to offer to the public an initial 5 million shares of the preferred shares also reissued in September 2019 and another 2.5 million shares to cover the oversubscription option, at an offer price of P2,000 per share.
The company tapped BPI Capital Corp. as sole issue manager. It will be joined by BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint lead underwriters and bookrunners.
The cumulative, non-convertible, non-participating, non-voting, redeemable and perpetual peso-denominated perpetual preferred B shares will have a dividend rate step on the fifth year after its issuance if not redeemed. Ayala reserves the right to redeem the shares every dividend payment date after that.
Ayala will use the proceeds to redeem what is left of the original Class B preferred shares the company issued and is due to be called by November 29.
The oldest listed conglomerate earlier said it closed the first half of the year with a profit of P22.29 billion, up 21.08 percent from last year’s P18.41 billion. Revenues grew by 9.56 percent to P179.94 billion from P164.24 billion last year.
The conglomerate said core profit was at P24.3 billion on the back of stronger contributions from units Bank of the Philippine Islands, Ayala Land Inc., Globe Telecom Inc. and ACEN Corp.
Improved earnings from AC Energy & Infrastructure also supported the company’s earnings performance, it added.
