AYALALAND Logistics Holding Corp. affiliate Orion Land has completed the first tranche of its block sale of 215.09 million common shares to Avida Land Corp.
In a disclosure on Tuesday, AyalaLand Logistics said the shares, representing 3.44 percent of Orion’s outstanding shares, were bought for P628.06 million. These are part of the 264.53 million shares that Avida was set to purchase from Orion.
“For commercial reasons, [Orion] and Avida agreed to divide the transaction into two tranches,” AyalaLand said.
The second tranche involves the remaining 49.44 million shares that are yet to be issued and listed.
“[It] will be executed upon [their] issuance and listing [on] the PSE [Philippine Stock Exchange],” AyalaLand Logistics said.
No final price was disclosed yet.
This comes after AyalaLand Logistics acquired in July a 100-percent stake in Unity Realty and Development Corp. for P2.39 billion. The payment would come from internally generated funds and internal advances.
Unity Realty owns in Pampanga province a 192-hectare property that would be turned into an industrial park.
AyalaLand Logistics saw its consolidated net income grow by 394.5 percent to P346.03 million in the six months ending June from P69.98 million a year ago on the back of higher revenues.
AyalaLand Logistics shares climbed by 2 centavos or 0.59 percent to close P3.39 apiece on Tuesday.