SEC Okays Preferred Share Offer by Ayala Corporation

​The Securities and Exchange Commission (SEC) has considered favorably the offering of preferred shares by Ayala Corporation of up to P20 billion.

​In its meeting on May 27, the Commission En Banc resolved to render effective the registration statement of Ayala covering the re-issuance of five million preferred B shares, with an overallotment option of up to five million shares, subject to the company’s compliance with certain remaining requirements.

Ayala will offer the preferred shares at P2,000 apiece. Assuming the overallotment option is fully subscribed, the listed conglomerate could net up to P19.86 billion from the offer.

Proceeds will be used to repay its short-term bank loans as well as for general corporate purposes and capital expenditures.

The offer shares are expected to be re-issued and listed on the Main Board of the Philippine Stock Exchange on June 18, according to the latest timeline submitted to the SEC. Trading is expected to start on the same date.