PHILIPPINES – Shares of Ayala Land Inc (PSE:ALI) closed the week higher in the Philippine Stock Exchange (PSE), trading at Php37.60 apiece on news that it was considering raising funds through Sukuk financing for its investments in Malaysia.
Ayala Land Inc (PSE:ALI)’s stock was up 3.44 percent after the close on Friday, adding Php1.25 to its value. A total of 15.51 million shares exchanged hands on the trading floor.
On Wednesday, Ayala Land Inc told reporters that it is considering raising funds through Sukuk financial for its planned Malaysian investments.
“We are talking with a couple of banks to explore Sukuk financing,” Ayala Land chief finance officer Jaime Ysmael said, noting that the property developer is still studying and exploring possible options.
In April, Ayala Land acquired a 9.16 percent interest in MCT Bhd through a private placement amounting to $43 million (P1.9 billion).
Ayala Land, Inc. (PSE:ALI) was organized in 1988 when Ayala Corporation decided to incorporate its real estate division into an independent subsidiary to enhance management focus on its real estate business.
ALI went public in July 1991 when its class “B” common shares were listed both in the Manila and Makati Stock Exchanges. On September 12, 1997, the Securities and Exchange Commission approved the declassification of ALI’s common class “A” and common class “B” shares into common shares. – BusinessNewsAsia.com