ALI raises P2.8B via placement of AREIT shares
LISTED property developer Ayala Land, Inc. (ALI) has raised P2.78 billion by selling 75 million shares of AREIT, Inc., its real estate investment trust, at P37 per share. The sale was made through a placement agreement with BPI Capital Corp., the investment banking arm of Bank of the Philippine Islands, and UBS AG Singapore Branch, […]
Boracay News Syndicated Daily 
LISTED property developer Ayala Land, Inc. (ALI) has raised P2.78 billion by selling 75 million shares of AREIT, Inc., its real estate investment trust, at P37 per share.
The sale was made through a placement agreement with BPI Capital Corp., the investment banking arm of Bank of the Philippine Islands, and UBS AG Singapore Branch, a global financial services company.
“The transaction was upsized on the back of strong participation from local long only and international investors, and was multiple times oversubscribed,” ALI said in a disclosure on Tuesday.
The offer shares were sold both inside and outside the United States to qualified institutional buyers, according to the company.
“The offer shares were also offered and sold in the Philippines in transactions that do not require registration under the Philippine Securities Regulation Code (SRC),” it said.
“The sale of the offer shares is exempt from the registration requirements of the SRC, and was not registered with the Philippine Securities and Exchange Commission under the SRC,” the company added.
The company said the proceeds from the block sale will be settled on Dec. 12, subject to the terms and conditions of the placement agreement.
“ALI and its subsidiary will submit the required Reinvestment Plan detailing the use of proceeds obtained from the block sale in due course,” it also said.
At the local bourse on Tuesday, shares in the company closed unchanged at P28.15 apiece. — Ashley Erika O. Jose
