MANILA — Ayala Corporation successfully listed P15.0 billion Preferred Class “B” Shares at the Philippine Stock Exchange on Tuesday, attracting confidence and strong demand among institutional and retail investors.
For this issuance, Ayala Corporation sold a total of 7.5 million shares, including 5 million shares constituting the base size of the offer and an oversubscription of 2.5 million shares to address the substantial demand among investors. The preferred shares were issued at P2,000 per share and are payable quarterly with an initial dividend rate of 6.0538 percent per annum.
“This issuance provides us with the flexibility to redeem the outstanding preferred shares issued in 2019, and allow us to maintain competitiveness in our cost of capital,” said Albert de Larrazabal, Chief Finance Officer of Ayala Corporation.
Present at the listing ceremony in PSE were Commissioner Bryant Fernandez of the Securities and Exchange Commission, PSE President & CEO Ramon Monzon, and PSE COO Roel Refran. Ayala Corporation was represented by Member of the Board of Directors Fernando Zobel de Ayala, President & CEO Cezar Consing, Chief Finance Officer Alberto de Larrazabal, Chief Legal Counsel Atty. Franchette Acosta, and Treasurer Estelito Biacora.
“The reissuance of this Class B Preferred Shares was warmly received by investors, with its overallotment option fully subscribed,” Monzon said in his welcome remarks. “This proves that a business founded on integrity and social consciousness and is managed by professional and visionary leaders will always command special attention and support from investors.”
Meanwhile, in his remarks, Consing emphasized Ayala group’s staunch support for the Philippine capital markets through its listed companies. “Companies within the Ayala group account for more than 18% of all the outstanding preferred shares on the Philippine Stock Exchange,” Consing said.
“The P15 billion preferred shares that we list today will help us continue to build businesses that enable people to thrive,” he added. “Our newer businesses in healthcare, logistics, education, fintech, and electric mobility will benefit from our ability to raise funding at the center. Our objective is to grow these to scale, so that even these relatively newer businesses can have positive impact on the lives of a significant number of our countrymen.”