LISTED property developer Ayala Land, Inc. (ALI) has secured approval from the Securities and Exchange Commission (SEC) to absorb 29 corporations as part of its internal restructuring efforts.
The real estate company received the SEC’s approval of the articles and plan of merger on March 31, which subsequently took effect on April 1, ALI said in a regulatory filing on Wednesday.
“The merger is an internal restructuring to simplify the ownership structure and is expected to result in operational synergies, efficient funds management, and simplified reporting to government agencies,” ALI said.
The companies absorbed by ALI were Ayala Hotels, Inc., Buendia Landholdings, Inc., HLC Development Corp., Crimson Field Enterprises, Inc., Red Creek Properties, Inc., Prima Gaedi Development Corp., ALI Triangle Hotel Ventures, Inc., Arcasouth Hotel Ventures, Inc., and Seda College, Inc.
Also included were Asiatown Hotel Ventures, Inc., North Ventures Commercial Corp., Westview Commercial Ventures Corp., Circuit Makati Hotels Ventures, Inc., Primavera Towncentre, Inc., Hillsford Property Corp., Sunnyfield E-Office Corp., Southportal Properties, Inc., Regent Horizons Conservation Co., Inc., Amorsedia Development Corp., and Five Star Cinema, Inc.
The real estate developer also absorbed ALO Prime Realty Corp., Enjay Hotels, Inc., One Makati Hotel Ventures, Inc., Integrated Eco-Resort Inc., Ecoholdings Company, Inc., Whiteknight Holdings Inc., AyalaLand Medical Facilities Leasing, Inc., Altaraza Prime Realty Corp., and Cebu Leisure Company, Inc.
ALI secured board approval for the merger in March 2024, with a plan to absorb 34 subsidiaries that are wholly owned directly by the real estate developer or through AyalaLand Estates, Inc. and AyalaLand Hotels and Resorts Corp.
For 2024, ALI recorded a 15% increase to P28.2 billion as revenue surged by 21% to an all-time high of P180.7 billion due to higher residential and estate lot bookings.
The company aims to launch P100 billion worth of property development projects this year, supported by a P95-billion capital expenditure budget.
ALI shares rose by 3.91% or 90 centavos to P23.90 per share on Wednesday. — Revin Mikhael D. Ochave
