Friday, December 5, 2014

Ayala Land bids for controlling stake in TriNoma operator

Stated in a disclosure to the Philippine Stock Exchange, Ayala Land, Inc. (ALI), a leading property developer, recently bid to increase its stake in the North Triangle Depot Commercial Corp. (NTDCC), the owner and operator of the TriNoma shopping complex in the north of Quezon City

For P1.26 billion, Ayala Land is set to purchase 15.79 percent of equity interest from Anglo Philippine Holdings Corp. Anglo Corp. stated that it has accepted the offer subject to "the terms and conditions of the offer and the rights of first refusal of the stockholders of NTDCC."

Currently at 49.29 percent, Ayala Land's stake in NTDCC would go up to 65.08 percent upon acquisition. In a statement, the company issued that the acquisition is "aligned with ALI’s thrust of expanding its leasing business." 

Last month, the company disclosed that it had accumulated a net income of P10.8 billion within the first nine months of 2014, a 25-percent spike from last year's figure. The company's revenues, meanwhile, increased to P68.3 billion, up by 20 percent. Revenues from commercial leasing within the nine months increased to P15.38 billion, a 17-percent markup compared to the same time period in 2013.

According to Ayala Land, the numbers indicate that the company is on track to meet its 20-percent growth target for net profit and revenues by the end of the year.

Ayala Land's parent company, Ayala Corp., holds stakes in numerous industries, among them in companies like Bank of the Philippine Islands, Globe Telecom Inc., Integrated Microelectronics Inc., LiveIt Investments, and Manila Water Co. Inc.


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