AYALA Corp. said it has formally submitted to regulators its proposed plan to raise P15 billion through a preferred share sale.
The fund raising is divided into a base amount of P10 billion and another P5 billion to cover the oversubscription option.
“Please be informed that Ayala has submitted a registration statement with respect to the offer shares today with the Securities and Exchange Commission (SEC) and has also simultaneously submitted the corresponding application for listing of stocks with The Philippine Stock Exchange Inc. The registration statement and application for listing are subject to the review of the relevant regulatory body and compliance with their corresponding requirements,” the country’s oldest conglomerate said.
Ayala earlier said it is spending P249 billion as capital expenditure this year, up 14 percent from P249 billion last year.
Alberto de Larrazabal, Ayala chief finance officer, said the bulk of the spending will be spent for the expansion of Ayala Land Inc. and ACEN Corp.
Ayala closed the first quarter of the year with a profit of P13 billion, up 28 percent from P10.16 billion. Core profit hit P11.8 billion, up 26 percent.
The conglomerate said continued strong performances from core businesses – Bank of the Philippine Islands, Ayala Land Inc., Globe Telecom and ACEN Corp. – led the growth.
