Connect with us

Hi, what are you looking for?

News

Ayala Land drops two projects from latest reinvestment plan

AYALA Land, Inc. (ALI) removed two projects in its reinvestment plan for the net proceeds it received from the sale of its shareholdings in AREIT, Inc. amounting to P3.44 billion.

In a regulatory filing on Tuesday, the company amended the reinvestment plan it passed on May 2, 2022, to cut down the recipient projects to six from seven last year.

The block sale of its shareholdings was conducted in preparation for the property-for-share swap between AREIT and the sponsor company.

As AREIT’s sponsor, ALI needs to submit a sworn statement containing the reinvestment plan for the proceeds raised from the sale of shares. The statement is to be submitted to the Securities and Exchange Commission, the Philippine Stock Exchange and the Bureau of Internal Revenue.

According to the company, ALI has disbursed the proceeds to various investments following its reinvestment plan from May 2, 2022 to the end of the third quarter last year.

“ALI intends to use the sale of proceeds from the AREIT shares to fund ongoing and future investments in real estate properties in Metro Manila, Batangas, Cavite, and Laguna.

The projects removed were the land acquisitions of the Quezon City and Bulacan properties, which were at P290.46 million and P125.17 million, respectively, while it added a new acquisition in Caloocan worth P156.95 million.

The company also made changes to the disbursements on the remaining four projects in which it added P119 million to the other Quezon City property to reach P2.1 billion and decreased P5 million to the disbursement in Batangas property to P745 million.

The company also decreased the disbursements to its land acquisition by P10.23 million to P108.14 million, while it added P154.91 million to the ongoing construction of One Vertis Plaza to P265.21 million.

ALI is the disbursing entity for the properties in Caloocan and Cavite, One Vertis Plaza and Andacillio, while the Batangas property has Laguna Technopark, Inc. as its disbursing entity.

Meanwhile, the remaining Quezon City property will be disbursed by ALI Eton Property Development Corp., a joint venture between ALI and Eton Properties Philippines, Inc.

On Tuesday, shares in ALI closed 70 centavos or 2.28% lower to P30 apiece, while AREIT stocks climbed by 15 centavos or 0.42% to P36.10 each. — Justine Irish D. Tabile

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

TAIPEI/PRAGUE — Taiwan President Tsai Ing-wen held a telephone call with Czech President-elect Petr Pavel on Monday, a highly unusual move given the lack...

News

MANILA — The head of the Philippine nickel mining industry warned on Tuesday that the government’s plan to impose an up to 10% tax...

News

REUTERS/JOHANNES P. CHRISTO/FILE PHOTO SINGAPORE/WASHINGTON – The International Monetary Fund on Tuesday raised its 2023 global growth outlook slightly due to “surprisingly resilient” demand...

News

MVGS founding partners Attys. Eduardo A. Martinez, Manuel Z. Gonzalez and Mark O. Vergara By Angela Kiara S. Brillantes Despite the past years under...

News

Customers of Smart Communications, Inc. (Smart) and value brand TNT may go to SM Supermalls across the country to register their SIMs and comply...

News

Photo from pco.gov.ph Food is a basic human necessity, and everyone needs food to live. However, providing enough food security and, moreover, nutrition security...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.