Ayala Corp. is increasing its stake in unit Ayala Land Inc. through an asset-for-share swap worth P17.28 billion.
The assets to be transferred to Ayala Land are Ayala Corp.’s 50- percent stake in Ayala Hotels Inc., a joint venture with Ayala Land itself that owns the lot leased to Manila Peninsula Hotel Inc.; its 100-percent stake in Darong Agricultural and Development Corp. in Davao del Sur together with three lots in the same area; its office units at the 32nd to 35th floors of Tower One and Exchange Plaza with appurtenant parking slots; its lot with improvements in Barangay Bagumbayan, Quezon City on C5 road; and its land in Calauan, Laguna.
The asset-for-share swap covers 309.6 million common shares priced at P55.80 per share and will increase Ayala’s stake in Ayala Land to 47.2 percent once completed. Ayala currently has 46.1 percent interest in Ayala Land.
Ayala said the transaction “forms part of strategic initiative to increase ownership stake in Ayala Land.”
“Additionally, the transaction is aligned with the company’s goal to value realize P50 billion by 2023,” it said.
Ayala tapped FTI Consulting Philippines Inc. for the transaction’s fairness opinion.
