SEC approves Ayala Land capital increase to P22.803B

Ayala Land Inc. said Monday the Securities and Exchange Commission has approved an increase in the authorized capital stock of the property developer to P22.803 billion from P21.5 billion.   The additional stocks consist of 13,034,603,880 voting preferred shares with par value of P0.10 per share, bringing to 15 billion the total number of its voting preferred shares, the company notes in a disclosure to the Philippine Stock Exchange.   "The SEC approval rendered effective the subscription to the 13,066,494,759 voting preferred shares that we offered exclusively to our shareholders in accordance with their pre-emptive rights," the company said.   Its articles of incorporation has been amended to reflect the increase in its authorized capital stock.   "Consequently, those 13,066,494,759 voting preferred shares became issued and outstanding as of today, and the date of issuance of the shares for purposes of the subscription agreements is June 29, 2012," the company said.   The non-cumulative and non-participating dividend rate of the voting preferred shares is 4.74786 percent, payable annually on the anniversary of the issue date.   Ayala Land earlier said it was eyeing a joint venture with the parent company of Ortigas & Co. Limited Partnership, with P15 billion initially earmarked for this purpose.   The strategic alliance is consistent with the company's thrust of expanding its operations to other areas within and outside Metro Manila through partnerships, it added. —VS, GMA News