MANILA -- Ayala Corp said Monday it was consolidating its energy, water, transport and logistics businesses to take a "more significant" stake in Philippine infrastructure.
The integrated platform will combine the Ayala Group's stakes in listed units AC Energy Philippines Inc and Manila Water Co, and in unlisted AC Infrastructure Holdings, the conglomerate told the stock exchange.
Ayala Corp said its wholly-owned unit, AC Energy Inc will be renamed AC Energy and Infrastructure Corp to serve as the vehicle for the consolidated entity.
"We believe that consolidating our various infrastructure interests creates a formidable platform with a strong balance sheet and allows Ayala to participate in the many opportunities in infrastructure development in a more significant way," Ayala Corp Chairman and CEO Jaime Augusto Zobel de Ayala said.
"We shall continue the rapid expansion of AC Energy in the renewables space and scale up our investments in transport and logistics,” Ayala President and COO Fernando Zobel de Ayala said.