Vol. XXI, No. 135 [ Business World Online ]
Friday, February 08, 2008 | MANILA, PHILIPPINES
ABERDEEN ASSET Managers Ltd., a UK-based investment manager, has bought a 5.01% stake in Ayala Land, Inc. (ALI).
In a report to the stock exchange, Ayala Land said Aberdeen Asset Managers bought 653.7 million shares between Nov. 26 and Jan. 24 at prices ranging from P13.4989 to P16.4471 per share.
ALI, the largest property developer in the country, is 53% controlled by conglomerate Ayala Corp.
"Aberdeen has been a consistent long-term shareholder of ALI. They just bought more shares in the market," ALI Spokesman Alfonso Reyes said in a phone interview.
He added that the acquisition by Aberdeen does not have direct impact in the company as "it is not a direct investment."
"Their buying indicates to us that they have confidence in ALI’s long-term value creation prospects," he said.
ALI develops residential and commercial properties and owns hotels and malls.
Its residential projects range from affordable condominium developments to high-end projects.
It has a subsidiary, Ayala Property Management Corp., which is engaged in property management.
ALI shares yesterday closed 1.89% higher at 25 centavos to P13.50.
Parent company Ayala Corp. has said it would spend more than P46.7 billion this year, with Globe Telecom, Inc. and ALI getting bulk of the allocation.
ALI is engaged in the development of residential and corporate buildings, shopping malls, and business process outsourcing centers.
[ Published by : Business World Online - bworld.com.ph ] February 8, 2008
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