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Ayala Corp plans $342 mln preferred share sale for power, other projects
August 26, 2014 / 4:21 AM / 3 years ago

Ayala Corp plans $342 mln preferred share sale for power, other projects

MANILA, Aug 26 (Reuters) - Ayala Corp, a major Philippine conglomerate, said it plans to raise 15 billion pesos ($342 million) by issuing preferred shares for future investments in power and infrastructure projects.

The fund-raising follows a similar 10 billion peso issuance in November last year.

Ayala, which also has businesses in banking, telecommunications and electronics, said the preferred shares will be issued at 500 pesos each - the same price as its November issue.

Ayala preferred shares were trading around 503.5 pesos on Tuesday, up 0.1 percent. Its common shares were trading at 717.5 pesos, down 1 percent.

The new share issue is likely to take place towards the end of the year, Ayala Corp managing director Delfin Gonzales said in a text message.

It will have a fixed quarterly dividend rate determined by the five- or seven-year benchmark rates plus spread. They will be non-convertible to common shares and have no voting and pre-emptive rights.

BPI Capital Corp is the issue manager.

1 US dollar = 43.8150 Philippine peso Reporting by Neil Jerome Morales; Editing by Edwina Gibbs

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