Business.(Business File photo)

ALI eyes merger with subsidiaries

AYALA Land Inc. (ALI) has planned to merge with AyalaLand Estates Inc. (ALEI) and AyalaLand Hotels and Resorts Corp. (AHRC), with ALI as the surviving entity.

The planned merger will be submitted for stockholders’ approval during the firm’s annual meeting on April 25, 2024. ALI said the merger is an internal restructuring to simplify the ownership structure and is expected to result in operational synergies, efficient funds management and simplified reporting to government agencies.

The planned merger will then be filed with the Securities and Exchange Commission and is expected to be approved within the year.

Based on the predetermined swap ratios, ALI will issue a total of 993,540,544 ALI shares, of which 883,171,005 will be treasury shares, 110,358,039 and 11,500 ALI shares will be issued to AHRC and ALEI, respectively. / PR

SunStar Publishing Inc.