AYALA Corp. said Monday that it had received a permit from the Securities and Exchange Commission (SEC) for the public offering and reissuance of up to 7.5 million preferred “B” shares.
The follow-on offer period starts today and will end on October 7 while the issuance and listing of the preferred shares on the Philippine Stock Exchange (PSE) is scheduled for October 15, Ayala said in stock exchange filing.
The offering consists of a base offer of 5 million cumulative, nonconvertible, nonparticipating, nonvoting, redeemable and peso-denominated perpetual preferred shares, with an oversubscription option of up to 2.5 million shares at a par value of P100 and an offer price of up to P2,000 apiece.
The shares will have an initial dividend rate of 6.0538 percent.
Ayala expects to raise at least P9.9 billion from the base offer, and up to approximately P15 billion if the oversubscription option is fully exercised.
In an earlier filing, the conglomerate said it would use the proceeds to fund the redemption of P15 billion class “B” preferred shares, payable on November 29.
“The offer shares are expected to be reissued and recorded in the name of accepted applicants and listed on the PSE on October 15, 2024, or on such other date as may be agreed upon between the issuer and the joint lead underwriters and bookrunners,” Ayala said in its prospectus.
BPI Capital Corp. (BPI Capital), BDO Capital and Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. were tapped as joint lead underwriters and bookrunners for the offering.
BPI Capital will also serve as the sole issue manager, while PSE trading participants and First Metro Investment Corp. were tapped as the selling agents.
Ayala shares on Monday plunged P20.50, or 2.96 percent, to P671.50 apiece amid a 2.10-percent decline for the benchmark Philippine Stock Exchange index.
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