Ayala Corp raises over P8 billion from private placement

Ayala Corp. (AC) raised P8.07 billion through a top-up placement from an institutional investor, bringing in fresh capital for the acquisition of properties or debt payment.
In a disclosure to the stock exchange on Monday, July 23, the listed conglomerate said it completed the sale of 8.81 million common shares at P916 apiece to a single long-term institutional investor. The transaction was executed following approval from AC’s executive committee.
The share price represents a 1.08% discount to the company’s 30-day volume weighted average closing price.
“We intend to use the proceeds to acquire properties or assets needed for the business of Ayala or for payment of debt contracted prior to the issuance of these shares,” AC said in the disclosure.
The private placement effectively hiked the company’s public float to 52.3% from 51.6%. — Arra B. Francia