AYALA Land, Inc. plans to raise P8 billion by issuing fixed-rate retail bonds with a maturity of five years which will be listed on the bond exchange, the company told the stock exchange on Friday.

The bonds represent the remaining unissued balance of its P50-billion debt securities program as approved by the Securities and Exchange Commission (SEC) in March 2016, it added.

The company did not say when it plans to issue the bonds or the target listing at the Philippine Dealing and Exchange Corp.

It said the debt issuance was approved by its board of directors on Friday afternoon during their regular meeting.

It also approved a regular cash dividend of P0.252 per common share.

“This second half regular cash dividend reflect a 5% increase from last year’s second half dividend per share of P0.24,” the company said.

The cash dividend will be payable on Oct. 2, 2018 to holders of common shares on record as of Sept. 6, 2018.

On Friday, Ayala Land shares rose 2.66% to close at P42.50.

Earlier this week, the company reported a second quarter net profit of P7.02 billion, up nearly 18%.

In the first half, net profit was P13.54 billion, up 17.6%. — Victor V. Saulon









