Ayala Corp. sells 12 million shares

MANILA, Philippines - Ayala Corp has sold 12 million preferred A shares at P500 each despite letharging trading in the stock market. The shares will be listed on the stock exchange next week, the company told the stock exchange Thursday. The country’s largest conglomerate earlier said the P6 billion in proceeds would be used to hike direct investments in business process outsourcing units eTelecare Global Solutions, Inc., Affinity Express, Inc. and Integreon Management Solutions, Inc. A 2TradeAsia analyst said preferred shares are more attractive since these are less prone to market volatility. "Preferred A shares have a different payment scheme because there is a fixed return and are thus not dependent on the daily investor sentiment. It also has a higher value compared with common shares," he said. Scant demand due to higher consumer prices and a US-led global economic slow-down cut Ayala Corp.’s profits in the third quarter. -BusinessWorld