MANILA, Philippines – Property giant Ayala Land Inc. (ALI) will trim its authorized capital stock to P21.5 billion as several preferred shares were eliminated from the company.
In a disclosure, ALI said it secured the Securities and Exchange Commission’s approval for the decrease in its authorized capital stock by P1.303 billion to P21.5 billion from P22.803 billion.
The lower authorized capital stock reflects “the aggregate par value of the 13.034 billion preferred shares which have been redeemed and eliminated,” ALI said.
Hence, ALI’s capital stock will decline to P21.5 billion divided into 20 billion common shares with a par value of P1 and 15 billion voting preferred shares worth 10 centavos each.
This is lower than the P22.803 billion authorized capital divided into 20 billion common shares at P1 each, 15 billion voting preferred shares at 10 centavos each and 13.034 billion preferred shares worth 10 centavos each.
The company’s board of directors approved the capital decrease in April last year.
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ALI is into residential and office development, and shopping mall and hotel operations.
In the nine months to September last year, ALI’s earnings reached P6.62 billion, up 27 percent from P5.23 billion a year earlier on the back of the strong performance in all its business lines.