Corporate

Ayala Land Inc., the flagship real estate developer of the Ayala Group, has successfully sold 88 million common shares of AREIT, Inc. at P42 per share, raising P3.7 billion before fees and taxes. 

SM Prime Holdings Inc. is paving the way for a fresh funding channel after its board of directors approved the reclassification of 100 million unissued common shares into 100 million preferred shares, a move designed to broaden its capital-raising flexibility and attract a wider investor base.

DigiPlus Interactive Corp. has moved closer to sealing its P12 billion investment in Hong Kong-listed International Entertainment Corp. after IEC shareholders approved the subscription agreement and related whitewash waiver in a special meeting on February 26.

Discovery World Corp. is shoring up its war chest as it approved fresh capital infusions into two wholly-owned subsidiaries, and a 66 million share issuance to bolster working capital and support resort expansion.

Robinsons Retail Holdings Inc. is expanding its footprint with a major new supermarket project in Rizal, teaming up with Robinsons Logistix and Industrials Inc., the logistics and industrial arm of Robinsons Land Inc., to develop a large-format Shopwise store in Cainta.