Ayala Land gets shareholder approval for merger with 34 subsidiaries

Ayala Land Inc. (ALI) on Thursday secured shareholder approval to merge with 34 of its subsidiaries, as part of an internal restructuring which seeks to simplify its ownership structure and reach “operational synergies” moving forward.

In a regulatory filing, ALI said the planned merger is set to be filed with Securities and Exchange Commission (SEC) and expected to be given the go ahead within the year, after it was approved by its stockholders during their annual meeting on Thursday, April 25.

“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 filing read.

Under the plan, ALI is set to merge with its wholly-owned subsidiaries, or those owned through AyalaLand Estates Inc. and AyalaLand Hotels and Resorts Corp., with the company as the surviving entity.

Among those set to be included in the merger are: Ayala Hotels Inc., Buendia Landholdings Inc., HLC Development Corp., Redhead Holdings Inc., Wedgemore Property Inc., Crimson Field Enterprises Inc., Red Creek Properties Inc., Prima Gaedi Development Corp., ALI Triangle Hotel Ventures Inc., and Arcasouth Hotel Ventures Inc.

Also included are Seda College Inc., Asiatown Hotel Ventures Inc., North Ventures Commercial Corp., Westview Commercial Ventures Corp., Circuit Makati Hotels Ventures Inc., Primavera Towncentre Inc., Hillsfort Property Corp., Sunnyfield E-Office Corp., Southportal Properties Inc., and Regent Horizons Conservation Company Inc.

The merger also includes ALI Capital Corp., Amorsedia Development Corp., Verde Golf Development Corp., FIVE STAR Cinema Inc., ALO Prime Realty Corp., Enjay Hotels Inc., One Makati Hotel Ventures Inc., Integrated Eco-Resort Inc., Ecoholdings Company Inc., Whiteknight Holdings Inc., Ayalaland Medical Facilities Leasing Inc, Altazara Prime Realty Corp., Cebu Leisure Co. Inc, and Ayalaland Malls Synergies Inc.

ALI currently owns and operates 30 estates including the Makati Central Business District, Ayala Alabang, Cebu Park District, Bonifacio Global City, and Nuvali, and has presence in 57 growth centers across the country.

Its business portfolio covers a mix of residential developments, shopping centers, offices, hotels and resorts, and strategic investments.

Shares in ALI were last traded at P947.50 apiece, up by 50 centavos or 0.05% from Wednesday’s finish of P947.00 per share.—AOL, GMA Integrated News

This article Ayala Land gets shareholder approval for merger with 34 subsidiaries was originally published in GMA News Online.