SEC OKs Ayala P20B preferred share offer

The Securities and Exchange Commission (SEC) has approved Ayala Corp.'s P20-billion preferred share offer.

Ayala plans to issue 5 million preferred B shares, with an overallotment option for up to another 5 million shares if demand is high, both priced at P2,000 per share.

The offering period is set from June 2 to June 6, and the initial dividend rate setting date is May 28.

Proceeds from this offering will be used to repay short-term bank loans and fund general corporate purposes and capital expenditures.

Ayala's preferred B shares are scheduled to be reissued and listed on the Philippine Stock Exchange's main board on June 18, with trading expected to commence on the same date.