The Securities and Exchange Commission (SEC) has cleared Ayala Land Inc.’s planned first real estate investment trust (REIT) public offering. In a statement on Friday, the commission said it “considered favorably” the registration statement of Areit Inc. for 1.09 billion common shares for listing and trading on the main board of the Philippine Stock Exchange (PSE) under the symbol “AREIT.” The statement covers up to 47.86 million new common shares and up to 409.02 million existing common shares, with an overallotment option of up to 45.69 million secondary shares at a maximum offer price of P30.05 each. Based on the recent timetable submitted to the SEC, the public offering may run from July 27 to 31 and may debut on the PSE on August 7. Areit’s primary offer could net P1.32 billion, which is expected to be used to expand its building portfolio. Ayala Land, meanwhile, could net about P13.31 billion from the secondary offer, assuming the overallotment option is taken. Ayala Land shares fell by 95 centavos or 2.88 percent to close at P32 each on Friday.
