Ayala Land Inc.is consolidating 34 wholly-owned entities through units Ayala Land Estates Inc., and AyalaLand Hotels and Resorts Corp.
The realtor said the merger is “an internal restructuring to simplify the ownership structure and is expected to result in operational synergies, efficient funds management and simplified reporting to government agencies.”
Ayala Land said it will be retiring 1.37 billion treasury shares as a result of the consolidation which will be submitted for approval to shareholders when they meet on April 25, 2024.
Ayala Land in February said grew its profit by 32 percent last year to P24.5 billion from P18.56 billion.
Revenues grew 18 percent to P148.9 billion from P126.19 billion.
The company expects to spend P100 billion as capital expenditures for the year, up 16 percent from the P86.2 billion actual spending last year.
Anna Margarita Dy, Ayala Land chief executive officer, said this is amid the company’s optimism about opportunities for 2024 though she stressed that the company will remain “pragmatic in addressing the potential challenges of a higher for longer interest regime.”
