Ayalas complete purchase of ACEN shares in preparation for property dividends
Business

Ayalas complete purchase of ACEN shares in preparation for property dividends

Ayala Corp. has acquired 1.86 billion shares of ACEN Corp. worth P14.4 billion which will be distributed to the conglomerate’s shareholders.

The shares were acquired from wholly owned unit AC Energy Infrastructure Corp. at P7.60 apiece through a block sale.

ACEIC is the holding company for the Ayala family’s energy and infrastructure businesses.

The shares will form part of the property dividends that will be distributed to common shareholders at a ratio of 3 ACEN shares per one AC common share.

“The declaration of property dividends provides the opportunity for AC shareholders to directly benefit from one of its recent successful business-building initiatives, the company said.

The property dividend declaration will enable ACEN to meet the 20 percent minimum public ownership requirement for listed companies.

 

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