18 hours ago
Ayala Corp. raises P20 billion from preferred share offer
(from left) Ayala Corporation Head of Corporate Strategy and Business Development Mark Robert H. Uy, Treasurer Estelito C. Biacora, Chief Legal Counsel Franchette M. Acosta, Comptroller Josephine G. De Asis, Deputy CFO Juan Carlos L. Syquia, CFO Alberto M. De Larrazabal, SEC Commissioner McJill Bryant T. Fernandez, SEC Chairperson Francis Edralin Lim, PSE President and CEO Ramon S. Monzon, COO Roel A. Refran, PSE Head of Issuer Regulation Division Marigel Baniqued-Garcia, and PSE General Counsel Veronica V. Del Rosario. Courtesy: Ayala Corp.
Ayala Corp., the country's oldest conglomerate, has raised P20 billion from its preferred share offer, on the back of "substantial" interest from institutional and retail investors.
The company sold a total of 5 million shares as the base offer and an oversubscription of 5 million shares, issued at P2,000 per share payable quarterly with an initial dividend rate of 6.2903% per annum.
"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 Corp. president and chief executive officer Cezar Consing said in an emailed statement.
"The Ayala Group accounts for 24% of the total outstanding preferred shares in the domestic market," he added.
The shares were listed on the Philippine Stock Exchange (PSE) on Thursday, with Ayala represented by chief finance officer Alberto de Larrazabal, deputy chief finance officer Juan Carlos Syquia, chief legal officer Franchette Acosta, treasurer Estelito Biacora, and head of corporate strategy and business development Mark Robert Uy.
"This issuance underscores the continued ability of Philippine corporate issuers like Ayala Corporation to access capital markets effectively, supporting their growth and optimizing capital despite uncertain and volatile market conditions," Larrazabal said.
Ayala Corp. booked an all-time core net income in 2024 following the strong performance across its banking, property, telecommunications and infrastructure businesses.
In its disclosure to the PSE last March, the company reported a core net income of P45 billion, up 10% year-on-year. — VDV, GMA Integrated News
