PROPERTY developer Ayala Land, Inc. is looking to raise up to P25 billion this year through the issuance of retail bonds and qualified buyer notes.
In a disclosure on Wednesday, Ayala Land said its board of directors approved the issuance of P20 billion worth of retail bonds, which will be issued under its P50 billion debt securities program as approved by the Securities and Exchange Commission in March 2016.
It said its board also approved the issuance of P5 billion worth of qualified buyer notes due 2023, proceeds of which will be used to repay existing short-term loans.
Ayala Land earlier this month announced a record capital spending program of P111 billion for 2018 to boost its business portfolio. It said the spending program will be funded through a mix of debt and bilateral loan
ALI now controls 72.3% of MCT Bhd
In a separate disclosure, the company announced that the unconditional mandatory take-over offer made by its wholly-owned subsidiary, Regent Wise Investments Limited (RWIL) to MCT Bhd shareholders, which commenced January 26, 2018, has closed on February 19, 2018,
It said acceptances for 295.28 million shares were received, equivalent to 22.12 percent of MCT’s total outstanding shares. As a result, the transaction increased ALI’s shareholdings in MCT from 50.19 percent as of January this year to 72.31 percent as at the close of the mandatory takeover.
The disclosure did not mention the offer price per share or the full amount of the takeover offer.
“The increase in ownership will strengthen Ayala Land’s commitment to enhance MCT’s operations and expand its business further,” it said in a disclosure earlier.
MCT is a listed holding firm on the Main Market of Bursa Securities in Malaysia. Its units are involved in property development, property management, property investment, and the construction business.