LISTED property developer Ayala Land, Inc. (ALI) said on Tuesday that it secured the approval of the Philippine Stock Exchange (PSE) for the company’s plan to issue more shares following its merger with Cebu Holdings, Inc. (CHI).
In a regulatory filing, ALI said the PSE approved the additional listing on Feb. 22.
The issues will be issued to CHI stockholders following the merger, which was approved by the Securities and Exchange Commission on Dec. 16, 2021. ALI will be the surviving entity following the merger.
The merger between ALI and CHI was approved by CHI and ALI in their annual stockholders’ meeting held on April 14, 2021, and April 21, 2021, respectively.
“Any resulting fractional share shall be paid in cash at the rate of P23.78 per one full share and shall be released together with the new ALI stock certificates following the same procedure set forth in the guidelines,” the property developer said.
On Feb. 26, the PSE announced the listing of the shares in relation to the ALI and CHI merger.
The local market operator added that CHI shares will be delisted from the official registry of the exchange on March 1.
Following the approval of the merger of CHI with ALI, the separate juridical personality of CHI has ceased to exist by operation of law.
In 2023, ALI recorded a 32% increase in its full-year net income to P24.5 billion carried by strong property demand and consumer activity. The company’s consolidated revenue jumped by 18% to P148.9 billion,
ALI shares fell by 1.4% or 50 centavos to P35.10 apiece on Tuesday. — Revin Mikhael D. Ochave
