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MANILA - Philippine conglomerate Ayala Corp is seeking to raise about $250 million by selling shares in real estate developer Ayala Land in a block deal launched on Tuesday, according to a source with direct knowledge of the plans.
The deal, valued at up to 10.71 billion pesos, would be the biggest stock sale in the Philippines since the $505 million IPO of GT Capital Holdings Inc in April.
Ayala Corp is looking to benefit from a 43 percent surge in Ayala Land shares since the start of the year. The country's main stock index has also gained 20 percent, the best performing benchmark in the Asia-Pacific region.
Ayala Corp is offering 530 million shares of the country's biggest property developer at a price range of 19.80 pesos to 20.20 pesos ($0.48), said the source, who declined to be identified because he was not authorized to speak publicly on the matter. That is equivalent to a discount of 4 to 6 percent to the 21.05 pesos closing price on Tuesday.
BPI Capital, Goldman Sachs, JPMorgan and UBS were hired as joint bookrunners on the offer.
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