AREIT Inc., the real estate investment trust sponsored by Ayala Land Inc., said Monday it will swap shares for flagship offices and malls held by Ayala Land, Ayalaland Malls Inc., and Northbeacon Commercial Corp. valued at P22.48 billion.
AREIT said it will swap 607.6 million shares, each priced at P37, or a 3 percent premium to the 30-day volume weighted average of P35.83. The shares will come out of the increase in AREIT’s capital stock to P40.5 billion.
The listed REIT said its board already approved the transaction in early March while the capital hike was approved by shareholders in late April.
AREIT said it submitted Monday to the Securities and Exchange Commission the documents needed to get approval for the transaction.
“Once approved, the parties shall apply for the certificate authorizing registration with the Bureau of Internal Revenue and the listing of the additional shares with the Philippine Stock Exchange within the first quarter of 2024,” the company said.
