Ayala eyes P25-billion preferred shares offering

Conglomerate Ayala Corp. said Thursday it plans to raise up to P25 billion from preferred shares offering.

Ayala said in a stock exchange filing its board of directors approved the preferred shares offering with a base amount of P10 billion to P15 billion and an oversubscription option for another P10 billion.

It said the offering is subject to regulatory requirements and shareholders’ approval.

The company said it had yet to finalize the terms and conditions of the offering.

Ayala, the country’s oldest conglomerate, has interests in banking, real estate, telecommunication, power generation, automotive and industrial technologies.

The share price of Ayala slipped 1.6 percent Thursday to close at P630.50.