Ayala Corp. said it plans to raise P15 billion through a preferred shares sale.
The conglomerate said the share sale will be divided into an initial P10 billion and another P5 billion for the oversubscription option.
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 a “continued strong performances” from core businesses – Bank of the Philippine Islands, Ayala Land Inc., Globe Telecom and ACEN Corp. – led the growth.
