Ayala gets PSE nod for REIT IPO, energy unit to build wind farm in Vietnam

A trader takes orders on a telephone at the Philippine Stock Exchange. Source: Reuters

Ayala Land has received approval from the Philippine Stock Exchange for the country’s first-ever real estate investment trust (REIT) while Ayala Corporation unit AC Energy is building a large wind farm in Vietnam.

Ayala Lands gets PSE nod for REIT IPO

The Philippine Stock Exchange (PSE) has issued its regulatory approval for the initial public offering (IPO) of the country’s first-ever real estate investment trust (REIT) sponsored by listed property giant Ayala Land, which seeks to raise up to 15 billion pesos ($303 million).

The PSE approval paves the way for the listing after Ayala Land also received approval earlier from the Securities and Exchange Commission (SEC). The firm plans to run its public offering from July 27 to 31 and list under the ticker “AREIT” on August 7.

Ayala Land said AREIT Inc will offer 1.092 billion common shares on the main board of the PSE. The offering will comprise 47.86 million new common shares and up to 409.19 million existing common shares, with an over-allotment option of up to 46 million secondary shares, at 30.05 pesos each ($0.61).

AREIT’s portfolio consists of investment-grade commercial assets in prime business locations in Makati City.

AC Energy building wind farm in Vietnam

Philippines-listed AC Energy, the energy platform of conglomerate Ayala Corporation, confirmed that it is building the largest wind farm in the coastal area of Quang Binh province in Vietnam.

In a disclosure to the Philippine Stock Exchange on Tuesday, AC Energy said it is partnering with AMI Renewables Energy Joint Stock Co for the construction of a 210-megawatts wind farm. The first stage of construction will deliver a capacity of 109.2 MW while the second phase will add 100.8 MW.

Patrice R. Clausse, AC Energy’s international chief operating officer, said the firm aims to be one of the biggest renewables producers in Southeast Asia and sees Vietnam as a key market for wind power.

In 2018, AC Energy started investing in Vietnam’s solar power industry through a partnership with Vietnam-headquartered BIM Group.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.