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Ayala Corp. sells all preferred shares, raising P6 billion for its BPOs

November 20, 2008
MANILA, Philippines - Ayala Corp., one of the country’s largest conglomerates, announced on Thursday that it was able to sell all the preferred shares it was offering to the market.

In a statement to the Philippine Stock Exchange, Ayala Corp. said it sold a total of 12 million class A" preferred shares, four million of which were issued owing to oversubscription.

The offering has enabled Ayala Corp. to raise P6 billion in fresh funds.

Earlier, the conglomerate said it will be using the fund to expand its business process outsourcing units.

Proceeds will be used to increase direct investments in BPO units eTelecare Global Solutions Inc., Affinity Express Inc. and Integreon Management Solutions Inc.

On Thursday Ayala Corp.'s shares closed lower by 3.2086 percent to P187. - GMANews.TV

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