Ayala raises P20 billion from preferred shares

MANILA, Philippines — Ayala Corp., the country’s oldest conglomerate, has raised P20 billion from the successful re-issuance of preferred Class “B” shares, which attracted substantial interest from institutional and retail investors.

Ayala sold a total of five million shares constituting the base size of the offer and an oversubscription of five million shares to address substantial demand among investors.

The preferred shares were issued at P2,000 apiece and are payable quarterly with an initial dividend rate of 6.2903 percent per annum.

Ayala president and CEO Cezar Consing said the net proceeds of the offer would be used by the company to fund the refinancing of peso-denominated obligations and an indirect investment in ACEN Corp.

“The successful re-issuance and listing amidst global market uncertainties of our preferred Class “B” shares reflects the enduring support of the investing public in both Ayala and the Philippine capital markets,” he said.

Consing, who affirmed the Ayala Group’s continued support for the Philippine capital markets, said the group accounts for 24 percent of the total outstanding preferred shares in the domestic market.

He said tapping into capital markets is crucial for Ayala to continue building businesses that enable people to thrive and deliver meaningful impact at scale.