Read this in The Manila Times digital edition.

THE country's oldest conglomerate, Ayala Corp., plans to raise some P15 billion via a follow-on offering of up to 7.5 million preferred "B" shares, right after raising P2.2 billion from the sale of treasury shares.

Ayala said that the secondary offering, approved by the Philippine Stock Exchange (PSE) on Wednesday, would consist of a base offer of 5 million cumulative, nonconvertible, nonparticipating, nonvoting, redeemable and peso-denominated perpetual preferred shares.

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