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.