Ayala Corp's P15-B pref share sale 'heavily oversubscribed'

Ayala Corp.'s planned issuance of up to P15 billion worth of preferred shares has attracted strong investor support, resulting in a significant oversubscription.

- By BRIX LELIS

From Oct. 1 to 7, the country's oldest conglomerate offered up to five million class B preferred shares with an oversubscription option of up to 2.5 million shares at a price of P2,000 apiece.

“We are very pleased with the strong market demand for Ayala's preferred share offering,” China Bank Capital Corp. managing director Juan Paolo Colet told The STAR. He said the capital-raising activity was “heavily oversubscribed” by institutional and retail investors seeking “a blue-chip investment with a fairly high dividend yield.”