The board of directors of the Ayala Land Inc. (ALI) approved a P3-billion bond offering for retail investors, the property developer said in a statement to the Philippine Stock Exchange (PSE) Tuesday.
 
Priced at 100 percent of face value, the bonds will mature three years from the initial issue date.
 
“Proceeds, net of issue-related expenses, shall be used by the company for general corporate purposes,” ALI chief financial officer and senior vice president Jaime Ysmael said in a letter to the PSE.
 
Ayala Land hired BPI Capital Corp., China Banking Corp., PNB Capital and Investment Corp., and RCBC Capital Corp. to underwrite the bonds.
 
The property developer also declared a cash dividend of P0.10 per share for the second half of the year.
 
This is a 42 percent increase from the P0.0733 per share it declared a year earlier, bringing the company’s dividend payout to 40 percent of earnings.
 
 The cash dividend is payable on Oct. 8, 2012 to shareholders on record as of Sept. 17. — MJC/VS, GMA News