Property developer Ayala Land Inc. (ALI) said Wednesday it is merging with 34 units to simplify its ownership structure.
ALI said in a regulatory filing with the Philippine Stock Exchange its board approved the merger with 34 entities that it directly owns or through other subsidiaries including AyalaLand Estates Inc. (ALEI) and AyalaLand Hotels and Resorts Corp. (AHRC). ALI is the surviving entity.
“The merger is an internal restructuring to simplify the ownership structure and is expected to result in operational synergies, efficient funds management and simplified reporting to government agencies,” ALI said.
ALI will present the merger for shareholders’ approval during the company’s annual meeting in April.
The company said that as a result of the merger, it would retire P1.375 billion worth of treasury shares.
The property firm earlier merged with Cebu Land Holdings Inc., Asian I-Office Properties Inc., Arca South Commercial Ventures Corp. and Central Block Developers Inc. as part of its internal restructuring and consolidation of its Cebu portfolio under one listed entity.
ALI recorded a 32-percent increase in 2023 net income to P24.5 billion, driven by strong property demand and increased consumer activity which boosted condominium sales and leasing businesses.
Consolidated revenue jumped 18 percent year-on-year to P148.9 billion.