Ayala Land gets SEC nod for P1-B share issue
Property giant Ayala Land Inc. has obtained the nod of the Securities and Exchange Commission (SEC) to issue up to P1 billion worth of common shares in exchange for properties or assets.
In a disclosure to the stock exchange, the company said the SEC also approved an amendment to its articles of incorporation to exclude the issuance of the said shares from the preemptive rights of the stockholders.
Ayala Land said the allotment and subsequent issuance of one billion common shares of the company at a par value of P1 billion was to raise funds to acquire properties or assets. This would be done via the issuance of equity or equity-linked instruments, the price, terms and conditions of which shall be determined by the board of directors based on prevailing market conditions or on agreements negotiated.
The company has earmarked P24.3 billion for capital expenditures this year, higher than the P15.2 billion it spent in 2007.
Of the amount, 42 percent will be spent for residential projects, 30 percent for ongoing business process outsourcing (BPO) projects, 14 percent for shopping centers and 10 percent for land acquisitions.
Ayala Land is eyeing an area of around 500,000 square meters for lease to BPO companies.