The 83-page report, which was issued by the committee late last month and released to the public on Thursday, cites fraud in the manner in which most of the properties ended up in the hands of.
Ayala Land to issue over 609-M common shares for merger with subsidiaries
May 4, 2021 | 12:07 am
Of the total shares issued, 491,306,375 shares will be treated as treasury shares.
Cebu Holdings, along with Asian I-Office Properties, Inc., Arca South Commercial Ventures Corp., and Central Block Developers, Inc., will be absorbed by Ayala Land through the merger.
Ayala Land has a 71.13% stake in Cebu Holdings. The company will issue 0.19 common shares for each of Cebu Holdings’ issued and outstanding shares, which means Ayala Land will issue a total of 409,783,760 common shares to the firm.
Wholly owned Cebu Holdings subsidiary Asian I-Office Properties is also part of the merger and will receive 3.29 Ayala Land common shares for every share. The transaction will total 22,244,841 of Ayala Land common shares.