Mitsubishi further trims stake in Ayala group
The country’s oldest conglomerate Ayala Corp. bought back P3.19 billion worth of shares from Japan’s Mitsubishi Corp.
In a stock exchange filing, Ayala said it acquired 3.8 million of its shares from the Japanese trading giant at P833 each share.
“We value our relationship with Mitsubishi which remains as our second largest shareholder,” Ayala said.
This transaction completes Mitsubishi’s portfolio rebalancing exercise with regard to its Ayala stake, which now stands and will remain at around 6%.
Mitsubishi held as much as 20% in Ayala, a holding company, which is engaged in real estate, telecommunications, utilities, logistics, financial and insurance services.