Philippine real estate giant Ayala Land Inc has paid about $9.7 million to acquire additional shares in Prime Orion Philippines Inc while the Philippine Stock Exchange said it is complying with ownership rules to secure approval for its additional shares acquisition in PDS Holdings.
Ayala Land raises stake in Prime Orion
Listed property developer Ayala Land Inc (ALI) has increased its holding in diversified conglomerate Prime Orion Philippines Inc (POPI) by purchasing an additional 4.14 percent stake from Genez Investments Corporation, POPI said in a disclosure on Monday.
ALI, which already owns 51 per cent of POPI, owner of retail complex Tutuban Center in Manila, acquired through a block sale at the Philippine Stock Exchange 202.7 million common shares of POPI from Genez Investments for about Php497 million ($9.7 million).
POPI has interests in real estate and property development, leasing of warehouses and non-life insurance, with the following intermediate holding companies: Orion Land Inc. (OLI), Orion I Holdings Philippines, Inc., and OE Holdings, Inc. OLI wholly owns Tutuban Properties, Inc., which holds the lease and development rights over Tutuban Center in downtown Divisoria.
Philippine Stock Exchange pursues more PDS Holdings shares
The Philippine Stock Exchange (PSE) has assured the government it is working to comply with ownership rules set by the Securities and Exchange Commission (SEC) as it seeks to finalize the acquisition of additional shares in Philippine Dealings System Holdings Corp (PDS Holdings).
In a disclosure on Monday, the PSE expressed confidence that it will be able to fully comply with Securities Regulation Code requirement to reduce the ownership of broker shareholders to 20 percent, one of the key requirements before the PSE can secure the nod for a merger with PDS Holdings.
“The company has in place several layers of control in the system that will monitor the level of ownership and restrict purchases to maintain the ownership level at 20 percent,” the PSE disclosed.
The PSE also hoped that it will obtain the exemptive relief from the SEC soon to allow it to finalize the acquisition of additional shares in PDS Holdings Corporation, the country’s fixed-income bourse.