Ayala Land to raise P25-B from retail bonds, notes

MANILA -- Listed property giant Ayala Land Inc. (ALI) plans to raise up to P25 billion funds from the issuance of retail bonds, bilateral term loans and qualified buyer notes to finance corporate requirements.

ALI told the local bourse its board of directors approved on Wednesday the raising of up to P20 billion through retail bonds listed in the Philippine Dealing and Exchange Corporation, and bilateral term loans to partially finance general corporate requirements.

The company said the retail bonds would be is- sued under its P50-billion debt securities program as approved by the Securities and Exchange Commission (SEC) in March 2016.

ALI will also issue notes worth up to P5 billion to qualified buyers with a tenor of up to five years to refinance its short-term loans.

Meanwhile, the property firm announced the completion of its proposed acquisition of additional 17.24-percent stake in Malaysian property and construction firm MCT Bhd (MCT).

ALI said the unconditional mandatory takeover offer made by its wholly-owned subsidiary, Regent Wise Investments Limited (RWIL), to MCT shareholders closed last Monday.

“Acceptances for 295,277,782 were received, equivalent to 22.12 percent of MCT’s total outstanding shares. This transaction will increase ALI’s shareholdings in MCT from 50.19 percent to 72.31 percent,” it added.

The increase in ownership will strengthen ALI’s commitment to enhance MCT’s operations and expand its business further.