December 15, 2014

ALI completes acquisition of another 9.24% stake in NTDCC

In a disclosure today, Ayala Land Inc said it has completed the acquisition of its proportionate share in the 15.79% stake in the North Triangle Depot Commercial Corp (NTDCC) that is being sold by Anglo Philippine Holdings Corp (APO). NTDCC owns the Trinoma mall.

The other NTDCC shareholders have rights of first refusal on the shares being sold by APO. In the event that they will waive such rights, ALI plans to take up the remaining stake. For the 9.24% stake (equivalent to 539,249 common shares and 2,265,507 preferred shares) it recently acquired from APO, ALI paid P738m.

The transaction will raise ALI’s stake in NTDCC to 58.53% from 49.29% thereby allowing it to consolidate the results of the mall and should provide a boost to its leasing revenues. - WealthSec