Ayala Corp. declares 20% stock dividend

Ayala Corp., the country's largest conglomerate, will be declaring a 20-percent stock dividend to all holders of its common shares. The company also told the Philippine Stock Exchange that it will be re-issiung and reclassifying 1.2 billion redeemed Preferred A and AA shares with a par value of P1 per share into 12 million new Preferred "A" share with a par value of P100 per share. The new preferred shares will be non-convertible into common shares, non-participating and non-voting. The value and the dividend rate of the shares will still have to be determined by the company's board and approved by the stockholders in their annual meeting on April 4, 2008. No other details were disclosed. - GMANews.TV