SEC approves Ayala Land capital stock hike

Developer Ayala Land Inc. on Friday disclosed that the Securities and Exchange Commission approved its bid to increase its authorized capital stock in preparation for its stock rights offering. In a statement to the Philippine Stock Exchange, Ayala Land said the SEC gave the go signal to the company to increase its authorized capital stock from P20 billion to P21.5 billion and the offering and issuance of new 13.034 billion preferred shares to its common shareholders. The preferred shares, which are non-cumulative and non-participating has been fixed at 4.64 percent which is equivalent to 80 percent of the one-year PDSTY RI and payable annually, are considered issued and outstanding since October 18. Company officials earlier said that the proceeds from the stock rights offering will be used for general corporate purposes and partly fund its capital expenditures. Ayala Land has allotted some P16.2 billion in capital expenditures for the year. - Cheryl Arcibal, GMANews.TV