MANILA -- Conglomerate Ayala Corp. has raised PHP8.07 billion from the sale of common shares through a placement, generating fresh capital for its new acquisitions or debt payment.
Ayala on Monday announced that it completed the placement of 8.81 million common shares of stock at a price of PHP916 apiece upon approval by its Executive Committee.
“The sale was executed through a subscription agreement for 8,810,000 shares with a single long-term institutional investor who had made a reverse inquiry,” it said in a disclosure to the local bourse.
The placing price reflects a discount of 1.08 percent to the 30-day volume weighted average closing price of its shares.
Ayala said the placement will increase its public float from 51.6 percent to 52.3 percent.
“We intend to use the proceeds to acquire properties or assets needed for the business of Ayala or for payment of debt contracted prior to the issuance of these shares,” it added.
The conglomerate further said it will apply for the listing in the Philippine Stock Exchange of the shares, which constitutes 1.4 percent of its increased common stock “as soon as practicable.” (PNA)
