Ayala Corp. (AC), the country’s oldest conglomerate, is poised to raise P20 billion from a preferred share offering recently cleared by the Securities and Exchange Commission (SEC).
The SEC said Wednesday that it has “considered favorably” AC’s planned offering of up to five million preferred Class B shares, with an overallotment option of another five million shares.
The Commission En Banc approved the conglomerate’s registration statement in its 27 May meeting, subject to compliance with remaining regulatory requirements.
The shares will be offered at P2,000 each. If fully subscribed, including the overallotment, Ayala could net up to P19.86 billion.
Proceeds from the offering will be used to repay the company’s short-term bank loans, as well as for general corporate purposes and capital expenditures.
The offer shares are expected to be re-issued and listed on the Main Board of the Philippine Stock Exchange on 18 June, with trading set to commence on the same day.
AC has tapped BPI Capital Corp., BDO Capital Corp., China Bank Capital Corp., First Metro Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corp. as joint lead underwriters and bookrunners for the offering. Maria Bernadette Romero