SEC approves capital hike of Ayala Land to P34B

The Securities and Exchange Commission (SEC) has approved the increase in capitalization of Ayala Life Fixed Income Fund from P26.8 billion to P34 billion.

The capital increase is expected to heighten demand for the company’s shares due to its very competitive performance, analyst said.

Documents filed with the SEC show that at least 25 percent of the increase in authorized capital stock, or 18.2 million shares, have been subscribed and fully paid in cash in the amount of P3.26 billion.

The fund, an open-ended investment company belonging to the Ayala Group of Companies, is managed by the Bank of the Philippine Island’s asset and trust management group, which handles more than P100 billion in assets.

Ayala Life Fixed Income Fund was incorporated on July 18, 1997 originally as Ayala Life Filipino Income Fund Inc. with an authorized capitalization of P200 million consisting of 200 million common shares at P1 par value.

The primary investment objective of the fund is to generate a steady stream of income through investments in a diversified portfolio composed of high-grade fixed-income investment instruments and securities. The asset allocation is dependent on prevailing and anticipated market conditions.