AYALA-LED AREIT Inc. said Thursday that the Securities and Exchange Commission (SEC) had approved a P22.5-billion property-for-share swap with Ayala Land Inc. (ALI) and two of the latter's subsidiaries.
In a statement, AREIT said that it would be issuing at least 607.6 million primary common shares to ALI and its subsidiaries, AyalaLand Malls Inc. (ALMI) and North Beacon Commercial Corp. (NBCC), at P37 per share.
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