Ayala Group tightens grip on ALI with P11.8B share purchase

Conglomerate Ayala Corp. has raised its stake in Ayala Land Inc. to 50.5 percent, sending a signal to the market on the property giant’s intrinsic value.

In a regulatory filing, the Ayala holding firm said it purchased a total of 468.67 million common shares of ALI at P25.20 per share for P11.82 billion.

The shares acquired represent an additional 3.2% economic stake in ALI.

“This transaction reflects our continued optimism on Ayala Land’s growth trajectory. We believe that its current share price presents deep value and significant upside in the long term. With a stronger economic position in Ayala Land, we believe that this transaction benefits the long-term interest of Ayala’s shareholders,” said Fernando Zobel de Ayala, president and CEO of Ayala.

ALI closed 1.6 percent higher Friday at P28.50 per share.

Profit of Yap-led CEU clobbered by pandemic restrictions

Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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