Ayala Corporation Lists P15 Billion Preferred Shares on Philippine Stock Exchange
Ayala Corporation successfully listed P15.0 billion Preferred Class "B" Shares on the Philippine Stock Exchange (PSE), sparking strong demand and confidence among institutional and retail investors.
This issuance allows the company to redeem outstanding preferred shares from 2019 and maintain competitiveness in cost of capital, according to Alberto de Larrazabal, Chief Finance Officer of Ayala Corporation.
Top officials attended the listing ceremony, including Commissioner Bryant Fernandez of the Securities and Exchange Commission, PSE President & CEO Ramon Monzon, and PSE COO Roel Refran. Ayala Corporation was represented by Fernando Zobel de Ayala, Cezar Consing, Alberto de Larrazabal, Atty. Franchette Acosta, and Estelito Biacora.
Monzon noted that the reissuance of Class B Preferred Shares was "warmly received" by investors, with its overallotment option fully subscribed. "This proves that a business founded on integrity and social consciousness, managed by professional and visionary leaders, will always command special attention and support from investors."
Ayala Corporation's successful listing comes after announcing plans to raise P15 billion from its re-issuance of 7.5 million perpetual preferred shares, with an initial dividend rate of 6.0538 percent per annum.
The company aims to use the proceeds to fund the redemption of P15-billion class B preferred shares callable on November 29.
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