Listed property developer Ayala Land Inc. said Wednesday it will absorb 34 companies it either owns directly or through AyalaLand Estates Inc. and AyalaLand Hotels and Resorts Corp. via a proposed merger. Ayala Land will be the surviving entity after the merger.
Based on the predetermined swap ratios, Ayala Land will issue a total of 993.5 million shares to various companies, including AyalaLand Estates and AyalaLand Hotels. Of those shares, a total 883,171,005 are shares Ayala Land holds as treasury shares.
If the closing price Tuesday of Ayala Land shares will be used to value the deal, the merger is worth around P32 billion.
“The merger is an internal restructuring to simplify the ownership structure and is expected to result in operational synergies, efficient funds management and simplified reporting to government agencies,” the Ayala Land added.
The merger plan will be submitted to shareholders for approval on April 25.
Based on the predetermined swap ratios, Ayala Land will issue a total of 993.5 million shares to various companies, including AyalaLand Estates and AyalaLand Hotels. Of those shares, a total 883,171,005 are shares Ayala Land holds as treasury shares.
