One of the country’s largest conglomerates, Ayala Corporation (AC), is set to raise up to P10 billion through the issuance of Class B Preferred Shares.
Ayala Corp. announced it is issuing 20 million Class B Preferred Shares at a maximum price of P500 per share. The offering period runs from November 4 to 8.
Ayala Corporation, the country’s largest conglomerate, will be issuing a total of 12 million preferred “Class A “shares for P500 each. Proceeds from the issue will be used to fund the company’s investments in business process outsourcing (BPO) and overseas real estate projects.
Unlike owners of common shares, preferred stockholders do not have voting rights but are the first to get paid in case a company is liquidated.
Ayala Corp (Stock Code: AC)‘s Preferred Shares will pay a fixed dividend rate of 8.88% per annum. Minimum subscription is 100 shares and succeeding placements must be in multiples of 20 shares.
