ALI sells P4 B AREIT shares

Property giant Ayala Land Inc.(ALI) has sold more than P4 billion of its shares in the real estate investment trust (REIT) of the Ayala Group to both local and global institutional buyers.In a disclosure to the Philippine Stock Exchange, ALI said it sold an aggregate of 100 million common shares of AREIT Inc. for P41.9 a piece.

- Elijah Felice Rosales

ALI gained P4.19 billion from the sale, exclusive of fees and taxes, in line with a placement deal signed with UBS AG Singapore Branch, BPI Capital Corp. and Maybank Securities Pte. Ltd.

ALI said the shares were offered and sold to institutional buyers in the US, as authorized by the US Securities Act of 1993. Shares were also tendered to institutional buyers in the Philippines in transactions that fall outside the Securities Regulation Code (SRC).