Filtered By: Money
Money

AREIT secures SEC nod for property-share swap with Ayala Land


The Securities and Exchange Commission has approved AREIT Inc.'s share-to-property swap deal with Ayala Land Inc., the pioneer real estate investment trust said on Wednesday.

In a disclosure to the Philippines Stock Exchange, AREIT said the SEC had given its nod to Ayala Land’s subscription to 252,136,383 AREIT shares in exchange for identified Ayala Land-owned Cebu commercial properties valued at P11,257,889,535.91.

The deed of exchange between the two firms was done on May 19, 2022.

AREIT said the new assets were expected to contribute to the earnings of the company in the succeeding periods.

Upon completion, the company said its outstanding common shares will increase to 1,761,047,193 from 1,508,910,810, wherein Ayala Land will own approximately 66% of the total shares while adhering to the prescribed minimum public ownership requirements under Philippine laws.

With the completion of the transaction, AREIT said gross leasable area (GLA) had expanded to 673,000 square meters.

At the closing price of P35.70 on January 17, 2023, the company’s total market capitalization reached P63 billion from P27B during its initial public offering in 2020. —NB, GMA Integrated News

 

LOADING CONTENT