MANILA — The Securities and Exchange Commission has approved Ayala Corp.’s planned issuance of up to 100 million additional common shares to raise fresh capital.
In a disclosure, the conglomerate said the SEC approved its amendments to Article VII of its Articles of Incorporation that will allow the issuance of the additional shares.
Ayala said this will give way to “raising cash to acquire properties or assets needed for our business or in payment of a previously contracted debt.”
In May, the firm has raised P3.3 billion from an equity offering in which proceeds will be used for Ayala’s infrastructure and power projects. The move is part of the conglomerate’s plan to invest up to $1 billion over the next five years in said sectors.
source: http://www.abs-cbnnews.com/business/07/24/13/ayala-gets-sec-nod-issue-addtl-shares
