SEC clears ALI’s merger of 29 subsidiaries

MANILA, Philippines — Property giant Ayala Land Inc. (ALI) has secured the green light from the Securities and Exchange Commission (SEC) to merge 29 subsidiaries in an effort to simplify ownership structure.

In a disclosure to the Philippine Stock Exchange, ALI said that it received the SEC’s approval of the articles and plan of merger involving 29 absorbed corporations, with the company as the surviving entity.

The merger is being made as an internal restructuring to simplify ALI’s ownership structure.

ALI said the merger is expected to result in operational synergies, efficient funds management and simplified reporting to government agencies.

The company will issue new common shares as consideration of the merger.

As the result of the merger, the company will have 865.1 million shares treated as treasury shares, while its resulting outstanding common shares, net of treasury shares, will be 14.97 billion.

The company’s outstanding preferred shares will remain at 12.44 billion before and after the merger.

The merger was approved by ALI’s stockholders on April last year.

It was also approved by the stockholders of the others companies involved in the merger during their respective stockholder’s meetings held on or before April 25, 2024.

ALI, a developer of large-scale, integrated, mixed-use and sustainable estates, offers a balanced and complementary mix of residential developments, shopping centers, offices, hotels and resorts and strategic investments.