SEC okays Ayala Land’s P1.3-B rights offer

The Securities and Exchange Commission has given the go-signal for Ayala Land Inc.’s planned P1.3 billion stock rights offer.

The property giant is offering up to 13.034 billion preferred shares to be taken out of the latest increase in its capital stock from P20 billion to P21.5 billion.

Stockholders of record as of Aug. 8 are entitled to buy one share for every share held at 10 centavos each. Proceeds from the issue will be used to fund general corporate purposes.

ALI has lined up 33 new projects this year which include 27 residential developments throughout the country, several office buildings catering to the business process outsourcing (BPO) sector, the grand makeover of the Ayala Center, a regional mall in Pampanga and the expansion of existing malls.

It has programmed P16.2 billion for project and capital expenditures this year. About 55 percent of the total amount is earmarked for residential developments, 24 percent for shopping centers, and the balance for corporate business, strategic land bank management, Visayas-Mindanao, support businesses and corporate capex.

ALI’s new shopping centers will add 250,000 square meters of gross leasable space to its portfolio. It is redeveloping the Ayala Center Glorietta mall area, which will entail the construction of new levels at the Glorietta area to accommodate more office spaces for BPOs.

The company is also planning to develop a portion of Ayala Center in the Makati business district into a luxury hotel complex in partnership with a Saudi-owned hotel and resort management company.

ALI is also venturing into the fast-growing retail market in Pampanga with the construction of a P2-billion mall in Angeles City, which will sit on a 9.3-hectare lot and offer 70,000 square meters in gross leasable space.