Ayala to raise P15B

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    Ayala Corp. said it looks to raise P15 billion with the planned reissue of its Preferred B shares due to be redeemed by November.

    The company said its board of directors has approved the return to the market of the preferred shares once it is redeemed by November 5, the fifth year after it was issued.

    “The redemption will be … by payment in cash of the redemption price equal to the issue price of the shares plus accrued and unpaid dividends up until Nov. 5, 2019 based on the dividend rate of 5.575 percent per annum,” the company said.

    In November 2014, the company issued the shares to refinance debt.

    In August, Ayala said profit for the first half of the year reached P37.83 billion, up 135.46 percent from last year’s P16.07 billion.

    Consolidated revenues reached P160.38 billion, up 7.84 percent from P148.71 billion a year ago.

    The company said the growth was driven by “solid growth of its banking, telecommunications, and real estate units combined with gains from value realization exercises in its emerging businesses.”

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