Ayala Corp., a diversified conglomerate listed on the stock exchange, said Thursday it raised P13.11 billion from the sale of re-issued class A preferred shares.
The conglomerate sold each preferred share at P2,500. A total 5.24 billion shares, including those issued to cover excess, were sold to investors.
The preferred shares will have an initiative dividend rate of 6.358 percent, which may be adjusted later. The shares will be listed on the Philippine Stock Exchange.
The net proceeds of the stock sale will be used to refinance certain Philippine peso-denominated bonds and short term loans, funding its capital expenditures, and partially refinancing its callable preferred “B” shares due 2023.
BPI Capital Corp. managed the issue.
