Philippines News Archives

Tuesday, August 17, 1999

AC ( 08/17/1999 : PSE )
Please be informed that Ayala Corporation's wholly-owned subsidiary, Ayala International Pte Ltd. (Ayala International), today invested in Asia Standard Group Limited, a publicly-listed property company in Hong Kong. Ayala International will acquire 40 M new shares at HK$ 1.00 per share for HK$ 40 M or US$ 5.1 M. The investment is equivalent to almost 2% of Asia Standard's expanded share capital. Grosvenor Ltd., one of Ayala International's co-shareholders in a Singapore joint venture will simultaneously invest in Asia Standard, acquiring 368 M new shares in the company. The investment transaction is scheduled to close this week pending approval of the Hong Kong Stock Exchange. Ayala International is an investment holding company based in Singapore. The company is primarily tasked with establishing the Ayala name as both a regional and international player through direct investments, joint ventures, and alliances. Ayala International's primary areas of focus are aligned with some of the major strengths of the Ayala Group - property investment and development, food manufacturing, distribution and fastfood, infrastructure and electronics and information technology. This investment by Ayala International marks the second investment undertaken with the Grosvenor Group. Ayala International and Grosvenor are both shareholders in a joint venture company which owns the Forum Shopping Mall and Office Tower, located on Orchard Rd., the prime shopping area of Singapore.
- posted by StockMarket @ 4:07 PM

AC ( 08/17/1999 : PSE )
Please be informed that Ayala Corporation's wholly-owned subsidiary, Ayala International Pte Ltd. (Ayala International), today invested in Asia Standard Group Limited, a publicly-listed property company in Hong Kong. Ayala International will acquire 40 M new shares at HK$ 1.00 per share for HK$ 40 M or US$ 5.1 M. The investment is equivalent to almost 2% of Asia Standard's expanded share capital. Grosvenor Ltd., one of Ayala International's co-shareholders in a Singapore joint venture will simultaneously invest in Asia Standard, acquiring 368 M new shares in the company. The investment transaction is scheduled to close this week pending approval of the Hong Kong Stock Exchange. Ayala International is an investment holding company based in Singapore. The company is primarily tasked with establishing the Ayala name as both a regional and international player through direct investments, joint ventures, and alliances. Ayala International's primary areas of focus are aligned with some of the major strengths of the Ayala Group - property investment and development, food manufacturing, distribution and fastfood, infrastructure and electronics and information technology. This investment by Ayala International marks the second investment undertaken with the Grosvenor Group. Ayala International and Grosvenor are both shareholders in a joint venture company which owns the Forum Shopping Mall and Office Tower, located on Orchard Rd., the prime shopping area of Singapore.
- posted by StockMarket @ 4:06 PM

AC ( 08/17/1999 : BW )
Property conglomerate Ayala Corp. and UK-based Grosvenor Ltd. had agreed to acquire a 16.6% stake in the Hong Kong property developer Asia Standard International Group Ltd. for HK$408.12mn (US$5.1mn). Under the deal, Asia Standard said it will issue 408.12mn new shares at HK$1.0 each to Grosvenor and Ayala International, an Ayala Corp. subsidiary. Grosvenor will acquire most of the shares, taking a 15% stake in Asia Standard, while Ayala will acquire a 1.6% stake. "Apart from being a strategic partner of the group, Grosvenor intends to co-invest with Asia Standard in future development projects in Hong Kong," Asia Standard chairman Clement Fung said in a statement. "We believe this joint venture will strengthen the group's market position in the Hong Kong property market," he added. Mr. Fung said following the establishment of the equity link, Asia Standard would leverage the expertise, financial resources and experience of both Grosvenor and Ayala to structure its future property and development programs. Nicholas Loup, Grosvenor managing director, said the privately held group was keen to expand its activities further in Hong Kong. The subscription of Asia Standard shares was its most significant investment in the region to date. "Grosvenor's private status enables us to take a long-term strategic view of international property markets," Mr. Loup said. Ayala International president Charles Grove said "Our investment in Asia Standard will allow Ayala International to participate in the recovery of Hong Kong's economy and residential property sector." Ayala Int'l chairman Fernando Zobel de Ayala added that "as the region continues to recover through structural reform, Ayala Int'l will look to expand its investment portfolio.
- posted by StockMarket @ 4:06 PM

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