Property developer Ayala Land Inc. (ALI) on Wednesday said it will merge with 34 of its subsidiaries with ALI as the surviving entity. These firms, ALI said, were either wholly owned directly by Ayala Land or through AyalaLand Estates Inc. and AyalaLand Hotels and Resorts Corp. The plan of merger…
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.
SunStar ALI, CHI merge; execs pledge to grow investments in Cebu
MERGER. Photo shows the booming Cebu IT Park, one of the business districts under the management of Cebu Holdings Inc. (CHI). On Wednesday, April 14, 2021, CHI top executives announced the company’s merger with its parent company, Ayala Land Inc. / CEBU IT PARK FACEBOOK PAGE
+ April 14, 2021 CEBU Holdings Inc. announced on Wednesday, April 14, 2021, that it is merging with parent company Ayala Land Inc. with the latter as the surviving entity.
“2021 will be another year of change for CHI as we consolidate with parent company Ayala Land Inc. With this merger we expect to achieve operational synergies, more efficient funds management and simplified reporting to government agencies. This development will also create a wider share of shareholder base, increasing liquidity and allowing investors to focus on one listed company,” said Ana Ma. Margarita Dy, president of CHI
Ayala Land to merge with Cebu Holdings, subsidiaries
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Metro Manila (CNN Philippines, February 24) Ayala Land Inc. will be merging with listed subsidiary Cebu Holdings Inc. and its subsidiaries, the property developer announced.
In a disclosure to the Philippine Stock Exchange published Wednesday, Ayala Land said its board of directors approved a day ago its merger with the Cebu-based property developer and subsidiaries Asian I-Office Properties, Inc. (AiO), Arca South Commercial Ventures Corp. (ASCVC) and Central Block Developers Inc. (CBDI).
“The merger is an internal restructuring as well as a consolidation of Ayala Land’s Cebu portfolio under one listed entity,” the document read, adding that it is expected to result in operational synergies, efficient funds management and simplified reporting to government agencies.”
BusinessWorld
February 25, 2021 | 12:08 am
Fourth-quarter showed ‘sustained momentum for recovery’
AYALA LAND, Inc. (ALI) on Wednesday reported a 74% fall in net income for 2020 to P8.7 billion after a double-digit decline in consolidated revenues, but said its performance “improved steadily” towards yearend.
“There was no escaping the major disruption caused by the pandemic in 2020, but our company’s performance in the latter part of the year was encouraging and provides a baseline for our recovery plans moving forward,” Ayala Land President and Chief Executive Officer Bernard Vincent O. Dy said in a press release.
Revenues dropped by 43% to P96.3 billion last year, which the company said it “endured” after the impact of the coronavirus disease 2019 (COVID-19) on its operations.