MANILA, Philippines — Ayala Corp., the country’s oldest conglomerate, is pushing through with its plan to raise as much as P15 billion from the issuance of preferred shares.
In a stock exchange filing, Ayala said it submitted a registration statement with the Securities and Exchange Commission concerning its proposed offer shares.
It has likewise submitted the corresponding application for listing of stocks with the Philippine Stock Exchange Inc.
Ayala said the registration statement and application for listing are subject to the review of the relevant regulatory body and compliance with their corresponding requirements.
The company is looking to offer and re-issue up to P15 billion preferred B shares consisting of a base amount of P10 billion with an oversubscription option of up to P5 billion.
The issuance was approved by Ayala’s board late last month.
For this year, the Ayala Group has earmarked P284 billion in capital expenditures, 14 percent higher than last year, with its property and energy units poised for higher spending to support their expansion.
Its property arm, Ayala Land Inc., recently raised P20.5 billion through its pioneering sustainability-linked financing program.
The funding package includes a P6 billion sustainability-linked bond with a 10-year term with a coupon rate of 6.9931 percent per annum and a P14.5 billion sustainability-linked loan from the International Finance Corp.