Philippines News Archives
Google
WWW Site
Saturday, May 26, 2001
 
AC ( 05/25/2001 : AFX )
Ayala Corp sold 552.96 M pesos' worth of shares to a foreign
investor through cross trades today, managing director Rufino Luis
Manotok said. Some 72.9 M Ayala Corp shares were sold in cross
transactions at an average price of 7.58 pesos each, the Philippine
Stock Exchange earlier said. "It was a legitimate sale ... there was a
foreign investor," Manotok told AFX-ASIA by telephone. He declined to
identify the investor. He said the shares were taken from
wholly-owned subsidiary Ayala Corp International Finance Inc, which
served as the funding vehicle for the company's 1996 convertible
notes issue. "Our funding vehicle had some Ayala Corp shares but
the holders of the convertible notes did not exercise the conversion
and the shares weren't being used. Since there was a demand for
the shares we decided to liquefy it," he said. Manotok said the sale
was not a significant amount, being less than 1 pct of Ayala's
outstanding stock. "There was just a demand for Ayala Corp shares
and we decided to fill it by using the ACIF shares," he said. Ayala
Corp closed 0.20 peso lower at 7.10.
- posted by StockMarket @ 1:50 PM

 
AC ( 05/25/2001 : AFX )
Ayala Corporation will have no difficulty redeeming 1.0 B pesos'
worth of maturing long-term commercial paper in August, managing
director Rufino Luis Manotok said. "We do have funding (to redeem
the CPs)," Manotok told AFX-ASIA by telephone. "We ended 2000 with
consolidated cash of something like 16 B pesos but out of that, the
portion accruing to Ayala Corp is roughly about 10 B. We haven't
utilised it for anything and that can be earmarked for redemption (of
the notes)," he said.

- posted by StockMarket @ 1:49 PM

 
AC ( 05/25/2001 : AFX )
The Philippine Stock Exchange said there was a cross sale of 71.678
M Ayala Corp shares at an average price of 7.5910 pesos/share, or a
total 544.11 M pesos. Regis Partners Inc carried out the bulk of the
transactions with 70.070 M shares at 7.60 pesos each for a total of
532.5 M pesos. Regis officials declined to comment on the transaction
while Ayala Corp officials were not immediately available. At 10:25
am, Ayala Corp was down 0.10 at 7.20.
- posted by StockMarket @ 1:49 PM


Philippines News Archives Home

Philippine Jobs .ph

Summary of Job Openings

Career Articles & Resources Index

Investing in the Philippine Stock Market

Philippine Sites

Jobs in Canada

Powered by Blogger