Ayala Corp. Plans to Issue Up to P15 Billion Worth of Preferred Shares
In a move to bolster its capital for expansion plans, the Zobel family-led conglomerate Ayala Corp. is set to issue up to P15 billion worth of preferred shares. The company announced this decision in a stock exchange filing on Thursday, stating that its board of directors had approved the issuance of preferred shares with a base amount of P10 billion. Additionally, an oversubscription option of up to P5 billion will be allotted in case of high demand.
This issuance is still subject to regulatory approval, and the company has stated that “appropriate disclosures shall be made once the terms have been finalized.”
Earlier this year, Ayala Corp. president and CEO Cezar Consing announced plans to increase capital spending by 14 percent to P284 billion, with a particular focus on the listed energy platform ACEN Corp. Consing emphasized the importance of ACEN’s renewable energy portfolio, aiming to expand it to 20 gigawatts by 2030 from its current 6 GW capacity. To fund these initiatives, ACEN plans to spend P72 billion this year on new projects both locally and abroad.
Meanwhile, Ayala Land Inc. (ALI), the conglomerate’s property arm, is set to allocate P100 billion in capital expenditure this year, up from P86.2 billion last year. ALI aims to launch more projects under its premium brands, Ayala Land Premier and Alveo Land.
On the other hand, telecommunications giant Globe Telecom Inc. has reduced its planned capital spending for the year by 22 percent to P55 billion, its lowest budget allocation since 2019, as part of efforts to improve its balance sheet.
