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Philippine stock exchange approved share swap agreement between Ayala land Inc (ALI) and AREIT through its subsidiaries Westview Commercial Ventures Corp. and Glensworth Development, Inc. The share swap will cover 483,254,375 common shares (Swap Shares).
In its recent disclosure in PSE Edge the share swap agreement will cover several properties from ALI.
“The transaction involves the infusion of three Vertis North Commercial Development office buildings and a retail podium located in Quezon City; One and Two Evotech in Nuvali Santa Rosa, Laguna; Bacolod Capitol Corporate Center and Ayala Northpoint Technohub, both located in Negros Occidental; and office condominium units at BPI Philam Life buildings in Makati CBD and Madrigal Business Park in Alabang. AREIT’s gross leasable area expanded to 549 thousand square meters and Assets Under Management (AUM) to P53 billion.”
On September 8, 2022, the Swap Shares were listed with the PSE and shall thereafter be subject to a lock-up period of 180 days with BPI Securities.
AREIT share price is currently at 38.70 pesos/share, currently down 26% from its peak last February.
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Joey is the founder of a Philippine Stock Market Youtube channel and also known as “Palaboy Trader”. He does daily review of Trending stocks and teaches basics of Investing and trading. He has the aim to educate Filipinos to be financially independent He is also is an Overseas Filipino Worker Currently working in a Multinational Company in Malaysia