The former, which is the re-issuance of 7.5 million Class B preferred shares priced at P2,000, could raise P15 billion, including a P5 billion over-allotment option. This was just approved by the Philippine Stock Exchange, a disclosure on Thursday showed.
Ayala said the initial dividend rate for these shares is 6.0538 percent.
The funds will mainly be used to redeem P15 billion worth of Class B preferred shares, which are callable on Nov. 29, 2024.
The offer will run from Oct. 1 to 7 this year, with tentative listing set for Oct. 15, 2024.
BPI Capital Corp. serves as the issue manager with joint lead underwriters and bookrunners, including BDO Capital & Investment Corp., China Bank Capital Corp., and PNB Capital and Investment Corp.
Ayala expects to raise at least P2.2 billion from its store of treasury stock.
The conglomerate’s executive committee approved on Wednesday the sale of 3.07 million treasury common shares at a minimum price of P720 each.
The block sale is still subject to approval by the Philippine Stock Exchange with the target execution date set for Sept. 26, 2024.
Ayala's portfolio spans banking, real estate, telecommunications, energy and manufacturing. Shares of the company slipped 1.07 percent to P692.50 each on Wednesday.
