Ayalas raise P8B via private placement
Conglomerate Ayala Corp. raised around P8.07 billion from a private placement of shares.
In a stock exchange filing, Ayala said it sold 8.81 million common shares at P916 each share to a single long-term institutional investor who had made a reverse inquiry.
The sale raised the company’s public float from 51.6 percent to 52.3 percent.
Ayala said the offer price reflected a discount of 1.08 percent to the 30-day volume weighted average closing price of Ayala shares.
Proceeds from the offering will be used to acquire properties or assets needed for the diversified holding firm’s businesses or for debt payment.