MANILA, Philippines - Ayala Land Inc. said it is spending an extra P10 billion this eyar to finance more acquisitions, including a "strategic" partnership with a member of the Ortigas family.
The amount tops up the P37 billion it allocated for capital spending this year.
Ayala Land first announced its alliance with the Ortigas group in June and has since raised more money.
Last month, Ayala Land raised P13.6 billion from a quick sale to new investors, in what was dubbed as the largest overnight equity deal by a Philippine company.
Ayala said it will use the fresh funds, as well as internal cash, to finance the now P47 billion in capital expenditures this year. - ANC