In a disclosure to the Philippine Stock Exchange, ALI said its Board of Directors has approved the property-for-share swap with AC and Mermac during a special meeting.Subject to regulatory approvals, AC will subscribe to 309.6 million primary common shares of ALI for assets valued at P17.28 billion whie Mermac will subscribe to 1.98 million ALI common shares for assets worth P110.61 million.
The primary common shares to be issued by ALI to AC and Mermac will come from the unissued shares in the 1-Billion Common Shares Carve Out approved by ALI shareholders in 2014. In a separate disclosure, AC said the assets it will transfer to ALI includes its 50 percent stake in Ayala Hotels, Inc., a joint venture of the Company with ALI that owns the lot leased to Manila Peninsula Hotel, Inc. and is ALI’s partner for Park Central Towers condominium project.
The valuations used are supported by a fairness opinion issued by FTI Consulting Philippines, Inc. . AC and ALI engaged FTI, an independent firm accredited by both the PSE and the Securities and Exchange Commission, to issue a fairness opinion in accordance with applicable PSE and SEC requirements, supported by a valuation report of both the AC Assets and ALI Shares.
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