At least 2 more buyouts for Ayala this year – exec

MANILA, Philippines - Ayala Corp., the country’s oldest conglomerate, is looking at one or two more acquisitions this year, a ranking official said.

“We may have one or two more (this year) but nothing earth shaking,” Ayala chief finance officer TG Limcaoco said.

 Limcaocao declined to give more details, saying nothing is final yet.

 Last July, Ayala’s wholly-owned unit Ayala Healthcare Holdings acquired a 50 percent stake in drugstore chain Generika Group.

Generika is among the pioneers in the retail distribution of quality generic medicines in the country with over 500 stores nationwide.

Established in 2003, Generika promotes the use of generic drugs in the context of high prices of medicines in the country.

Power generation arm AC Energy Holdings also invested in a 40-megawatt solar power plant in Bais City, Negros Oriental, marking the conglomerate’s foray into solar power.

AC Energy signed an agreement with Bronzeoak Clean Energy Inc. to develop and operate the solar power farm.

Ayala reported a net income of P10.4 billion in the first half, up six percent year on year due to the double-digit growth in its telecom, real estate, banking and electronics businesses.

Equity earnings contribution from Ayala’s business units reached 13.2 billion, two percent higher than the previous year. Without the divestment gains, equity earnings expanded 20 percent.