The well-diversified conglomerate Ayala Corp. is selling a 40 percent interest in its AC Logistics Holdings Corp. to Danish fund manager A.P. Moller Capital.
The companies disclosed this in a joint statement submitted to the Philippine Stock Exchange (PSE) on Thursday.
Ayala’s AC Logistics agreed with A.P. Moller Capital on a share purchase deal through EMIF II Holding III B.V. for its subscription to common shares and redeemable preferred shares of an unspecified amount.
The parties have yet to agree on the final subscription price, with the deal subject to several conditions, including securing regulatory approvals and achievement of certain business milestones.
A regulatory filing by the four-year-old AC Logistics with the Securities and Exchange Commission (SEC) last year showed that it had an authorized capital stock of 5.97 billion common shares with a par value of P1.
Ayala subscribed to 3.88 billion shares.
“This (deal) will allow AC Logistics to better address the growing and increasingly more complex logistics requirements of a fast-growing economy by helping businesses build cost-efficient supply chains while contributing to greater food security across the country,” the joint statement reads.
“Should the collaboration between A.P. Moller Capital and Ayala come to fruition, it will unite two organizations with complementary expertise and a common vision as it aligns with Ayala’s ethos of ‘building businesses that enable people to thrive’ as well as A.P. Moller Capital’s purpose of ‘doing well while doing good’,” the joint statement reads.
