Ayala Corp. said Thursday its board approved a fund-raising exercise that could generate as much as P15 billion in fresh capital for the diversified investment holding company of the Zobel family.
The listed company, whose core business interests include property development, banking, power generation, and telecommunications, said it plans to offer preferred shares with a base amount of P10 billion, with up to P5 billion earmarked for oversubscription.
The fund-raising is still subject to regulatory approval.
Ayala Corp. expects the group’s capital expenditure to increase this year to P284 billion from P250 billion in 2023.
Meantime, the investment holding company declared a regular cash dividend of P4.1866 per common share for the first semester ending 30 June. The record date of shareholders entitled to the cash dividend is 11 July and payment date is 26 July.
The cash dividend totaled around P2.6 billion.
