Ayala Land raises P12.2-B from share sale
MANILA, Philippines - The country's biggest property developer, Ayala Land, has raised P12.2 billion from a share placement at the Philippine Stock Exchange that was met with strong demand despite a discount.
In a disclosure on Thursday, March 7, Ayala Land said it increased its offer size to 399.5 million shares from the original 320 million and sold these at a discounted price of P30.50 per share.
The day before, March 6, Ayala Land's share closed at P32.85. The placement was 3-times oversubscribed.
The funds will be used for Ayala Land's various multi-billion and multi-year projects.
"The company will use the proceeds of the share placement primarily to fund its next phase of development, enabling it to sustain its high growth trajectory. The company has identified significant land banking opportunities amounting to approximately P20 billion and has earmarked P46 billion for project completion as part of its P66 billion capital expenditure program for 2013," it said in a a statement.
Among its projects in the pipeline are development projects in Fort Bonifacio in Taguig, the P20-billion Makati Circuit in the former Sta. Ana racetrack, the P65-B plans for Quezon City business district, and the Food Terminal Inc (FTI) property it won from a government auction. - Rappler.com