Ayala Corp. board clears up to PHP 25B issuance of preferred shares

AYALA CORP.’s board of directors approved the issuance of preferred nonvoting shares up to PHP 15 billion with an oversubscription option of PHP 10 billion more, it announced on Thursday.

In a regulatory filing, the listed diversified conglomerate said the issuance’s base amount is between PHP 10 billion and PHP 15 billion, which could bring up to PHP 25 billion including the oversubscription.

The matter would be subject to regulatory requirements and will be presented to its stockholders for approval at their annual stockholders’ meeting, which is set on April 28.

“Appropriate disclosures shall be made once the terms have been finalized,” the company said.

Meanwhile, the company’s board also amended its audit committee charter to align with the requirements of the ASEAN Corporate Governance Scorecard and Integrated Corporate Governance Report to reflect existing practices.

Its sustainability committee charter will also be amended to update the sustainability panel’s roles and responsibilities.

Shares in Ayala Corp. fell by 1.64% to PHP 10.50 to close at PHP 630.50 apiece. — Adrian H. Halili