Ayala raises P20B from reissue of preferred shares
Ayala Corp. raked in P20 billion from the recent sale of preferred shares, proceeds of which would go to financing loan repayments and projects in the pipeline.
In a statement on Thursday, the listed conglomerate said it had sold 5 million from its base offer and another 5 million shares as the offer was oversubscribed. This signaled a strong demand from both institutional and retail investors.
The preferred shares were valued at P2,000 each. Payable quarterly, the shares carry a dividend rate of 6.2903 percent per year.
“The successful re-issuance and listing amidst global market uncertainties of our Preferred Class “B” Shares reflects the enduring support of the investing public in both Ayala and the Philippine capital markets,” Ayala president and CEO Cezar Consing said.
Proceeds from the offer would be used to repay short-term bank loans and support general corporate purposes and capital expenditures.
This year, Ayala has set capital expenditures of P284 billion to grow its core businesses.
Acen Corp., its listed energy company, aims to expand its renewable energy portfolio to 20,000 megawatts (MW) by 2030. It currently has close to 6,000 MW of capacity.
Meanwhile, Ayala Land Inc. is eying to launch more projects under its premium brands, Ayala Land Premier and Alveo Land.
Globe Telecom Inc. is set to spend capex below $1 billion. The bulk of the amount is allocated to meet its data requirements.
AC Mobility is also targeting to expand its dealer network through Chinese electric vehicle brand BYD.
