The purchase comes after the Zobel-led conglomerate last year expanded its share buyback program to include shares of its listed subsidiaries.
A regulatory filing on Wednesday showed Ayala Corp. acquired 35 million Ayala Land shares on June 16 at prices of P13.10 and P13.04 apiece.
The stock has been under pressure this year as rising interest rates and softer residential demand weighed on investor sentiment.
The share purchase aslo increased Ayala Corp.’s ownership in Ayala Land to 53.58 percent from 53.15 percent as of end-March.
Ayala Land itself has also been buying back its own shares, repurchasing a cumulative 782.1 million shares under its P10-billion buyback program, including 49.1 million shares acquired since April 1.
Led by the Zobel family, Ayala Corp. is the country’s oldest conglomerate, with businesses spanning property, banking, telecommunications, energy, healthcare and a fast-growing electric vehicle business.
—Edited by Miguel R. Camus
