Ayala Corporation

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Ayala Corp. (AC)

AYALA Corp.’s (AC) growth prospects, coupled with macroeconomic concerns led foreign investors to sell their shares in the stock while local investors took positions, making it one of the most actively traded stocks last week.

AC was the fourth most traded stock last week in terms of value turnover, totaling P1.233 billion from Sept. 24 to 28, data from the Philippine Stock Exchange showed.

Shares closed at P928 apiece on Friday, down P22 or 2.32% from the previous day, but gained 3.34% week on week. For the year, it is down 10.77%.

Philstocks Financial, Inc. Research Associate Piper Chaucer E. Tan attributed the stock’s performance last week to the depreciating peso and the widening of the country’s current account deficit that led to foreign investors unloading their shares. At the same time, he said local investors positioned themselves on the stock as growth prospects were “intact with AC moving forward.”

For IB Gimenez Securities, Inc. Head of Research Joylin F. Telagen: “Basically, this is because of AC’s robust long-term growth trajectory.”

The country’s current account deficit stood at $2.9 billion in the second quarter, a reversal from the $157 million surplus posted a year ago. For the first half, current account deficit was at $3.1 billion from $133 million in the same period last year.

The current account provides a snapshot of the country’s overall economic interaction with the rest of the world covering trade in goods and services; remittances from overseas Filipino workers (OFW); profit from Philippine investments abroad; interest payments to foreign creditors; as well as gifts, grants and donations to and from abroad.

Meanwhile, the conglomerate announced last week that Aboitiz Power Corp. (AboitizPower) entered into a share purchase agreement with AC Energy, Inc. affiliate Arlington Mariveles Netherlands Holding BV and a shareholders’ agreement with AC’s energy investment arm. The proposed acquisition will give AboitizPower a 49% voting stake and 60% economic stake in AA Thermal, Inc., AC Energy’s thermal platform in the country.

The transaction comes about four months after AC Energy first announced it was selling as much as half of its thermal energy platform.

AC’s consolidated net income rose 13.16% to P14.75 billion in the second quarter from P13.03 billion in 2017. For the first half, the company saw its net income grow by 12.35% to P27.64 billion.

The company has a five-year target, which is to double its net income to P50 billion by 2020.

“In terms of its 2020 goals, we think that the company is on track given that net income growth and EPS (earnings per share) growth is averaging at 25.6% for the past five years,” Philstocks’ Mr. Tan said.

“Headwinds for AC would be the rising interest rates of which may affect sale reservations for ALI (Ayala Land, Inc.),” he added.

For this year, Mr. Tan said the company could take in P32.2 billion in net income for the year driven by holiday spending in AC’s hotel segment and ALI’s sales coming from OFWs in the second half.

For her part, IB Gimenez’s Ms. Telagen expects AC to bag P34.5 billion in net income driven by robust growth in its real estate business and power, and stable performance in its telecom and water segments.

“We also see sustainable future growth of its ventures to Mynt’s, Wave Computing and Zalora. However, despite higher interest income (due to higher interest rates), we think that its banking segment will drag AC income because of lower non-interest income (e.g. trading and investment) and higher funding costs and AC Industrials will continue to be affected by higher excise tax on automotive,” she added.

Mr. Tan placed primary and secondary support at P885 and P867, respectively, and primary and secondary resistance levels at P1000 and P1030.

For Ms. Telagen: “We see strong support at around P916,” noting that anything closer or lower than that price is a good opportunity to buy and hold AC shares.

“Resistance is seen at P1,100 or around 20 times its 2018 earnings based on our estimates,” she added.

source: https://www.bworldonline.com/ayala-corp-ac/
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...to focus initially on brand building...nice choice choosing Ayala

Ayala to introduce Maxus vehicles in PHL

THE industrial technology arm of Ayala Corp. (AC) is bringing Chinese auto brand Maxus to the Philippines, with vehicle sales set to commence in the first quarter of 2019.

In a disclosure to the stock exchange on Monday, AC said its wholly owned unit AC Industrial Technology Holdings, Inc. (AC Industrials) was named by SAIC Maxus Automotive Co., Ltd. as the official distributor of Maxus vehicles in the country.

SAIC Maxus is a wholly-owned subsidiary of SAIC Motor Corporation Limited (SAIC), which is primarily focused in the production of light commercial vehicles. The company was founded in 2011 after it acquired British van manufacturer LDV Group. It has since expanded its sales to 70,000 vehicles across three major model lines in 2017, with more than 10,000 exported in the same period.

Meanwhile, SAIC is a Fortune Global 500 company that has sold 6.93 million vehicles last year. It has 15 major brands under its network, including partnerships with Volkswagen and General Motors.

AC Industrials said the addition of the Maxus brand into its portfolio will strengthen its product offerings, given the Philippine market’s evolving preferences.

“As incomes and productivity have grown, Filipino automotive buyers have increasingly gravitated toward the light commercial vehicle segment, which offers greater utility, flexibility to accommodate a wide range of business and lifestyle needs, and improved comfort and drivability,” the company said in the disclosure.

A representative of AC Industrials’ dealership unit, AC Automotive, told BusinessWorld that Maxus vehicle sales will start in the first quarter of 2019, with preparations such as the ordering of initial inventory and a formal launch of the brand already in the works.

Given that this is a new entrant, we will be prudent and focus first on building the brand for the Philippine market. The plan is to have one dealership first within Metro Manila to be owned by AC Automotive and aligned with our overall growth strategy as a multi-brand distribution group,” a representative of AC Automotive said via text.

The company added that expansion plans moving forward will be determined as sales ramp up.

“No specific short term targets for now, but we aspire to grow the Maxus brand to one percent market share in five years,” AC Automotive said.

AC Industrials currently has four other vehicle brands under its portfolio, namely Honda, Isuzu, Volkswagen, and KTM.

AC Industrials expanded its net earnings by two percent to P752 million in the January to June period.

Meanwhile, its parent AC generated an attributable profit of P16.1 billion in the first six months of 2018, seven percent higher than the P15.1 billion it posted in the same period a year ago. The listed conglomerate also grew its revenues by a fifth to P148.7 billion in the same period.

source: https://www.bworldonline.com/ayala-to-in...es-in-phl/
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...BUY! Tongue

AC Energy inks $83-million EPC contract for development of solar farms in Vietnam

AC ENERGY, Inc., along with its Vietnamese partner, has signed construction and financing contracts for the development of solar plants in Vietnam valued at an estimated $83 million, the Ayala-led company said during the weekend.

In partnership with AMI Renewables Energy Joint Stock Co., the Ayala Corp. energy platform signed engineering, procurement and construction (EPC) and financing documents to build solar farms with a total capacity of 80 megawatts (MW).

“We are excited to expand our development initiatives in Vietnam and work with our local partner AMI Renewables,” said AC Energy President and Chief Executive Officer Eric T. Francia in a statement.

“We appreciate the strong commitment of the Vietnam government to promote renewables, and the strong support from our banking partners that are providing project finance,” he added.

The joint venture, which plans to build the solar projects in the provinces of Khanh Hoa and Dak Lak, targets the commissioning date ahead of the June 2019 solar feed-in tariff deadline in Vietnam.

The projects will be financed with debt and equity, said AC Energy, adding that it will participate with at least a 50% economic share.

Indovina Bank of Vietnam and Rizal Commercial Banking Corp. (RCBC) of the Philippines will provide non-recourse financing for the Dak Lak and Khanh Hoa projects, respectively.

Last year, AC Energy formed a platform company with AMI Renewables to build renewable energy plants in Vietnam, including the 352-MW Quang Binh wind project.

It becomes AC Energy’s second renewable energy platform in Vietnam after it partnered with BIM Group of Vietnam to develop more than 300 MW of solar power in the regional neighbor.

In January this year, the joint venture broke ground with a 30-MW solar project valued at 800 billion Vietnamese dong or P1.8 billion, with plans to expand the capacity to more than 300 MW in Vietnam’s Ninh Thuan province.

In August, the joint venture signed EPC and financing documents, increasing the target capacity of the solar farm to 280 MW. The project is estimated to cost around $237 million, which will be financed by debt and equity. AC Energy will participate with a 30% voting stake and about 50% economic share.

AC Energy, a fast-growing energy company with more than $1 billion of invested and committed equity in renewable and thermal energy, aspires to develop 5 gigawatts of attributable capacity and generate at least 50% of energy from renewables by 2025. 

source: https://www.bworldonline.com/ac-energy-i...n-vietnam/
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...BUY! Big Grin

Ayala acquires minority stake in health app

AYALA Healthcare Holdings, Inc. (AC Health) has acquired a minority stake in a home health application called AIDE, as it bets on technologies that can disrupt the health care industry in the future.

In a statement issued Wednesday, AC Health, a subsidiary of Ayala Corp., said the investment forms part of its strategy to invest in health technology solutions.

The company did not disclose the exact value of the investment, but a source noted that AC Health will hold a minority stake or less than 30%.

AC Health President and Chief Executive Officer Paolo F. Borromeo described AIDE as “an excellent platform to connect patients,” saying that home health could be one of the next game changers in the health care industry.

“Aside from developing our own technology solutions, we are also on the lookout for emerging start-ups and entrepreneurs who can disrupt the health care industry. AIDE is an excellent platform to connect patients with health providers, and we think home health will be one of the next game changers,” Mr. Borromeo said in a statement.

Founded by siblings Paolo, Pamela, and Patrick Bugayong, the AIDE mobile app allows patients to book doctors, nurses, and other medical professionals to provide health care services in their homes. Services range from medical consultations, nursing care, physical therapy, caregiving, lab extraction and interpretation, as well as veterinary care.

AIDE Chief Executive Officer Paolo Bugayong said the partnership with AC Health will help expand their reach to more Filipinos.

“Our goal is to serve both patients and medical professionals. For patients, we offer convenient home health care booking, while for medical professionals, we are offering an innovate cost-effective avenue for their services,” Mr. Bugayong said in a statement.

AC Health established earlier this year its health technology arm called Vigos. The platform develops its own products, such as an Electronic Medial Records and Clinic Information System which is being used across all FamilyDOC clinics. FamilyDOC is a network of community-based clinics also owned by AC Health.

The health care arm of Ayala in 2017 also invested in MedGrocer, an online pharmacy licensed by the Food and Drugs Administration which offers medicine delivery and corporate medicine benefits management.

“We believe AIDE is complementary to our other investments as it helps us extend our reach beyond our retail clinics and pharmacies. We hope to expand our health technology portfolio further because it is both an enabler and integrator of the health care ecosystem that we are building at AC Health,” AC Health Chief Digital Officer Christian Besler said in a statement.

The Ayala group seeks to expand its health care business to more than 1,000 Generika pharmacies, 100 FamilyDOC clinics, and other strategic partnerships with hospitals and specialty centers. Its foray into the health care business comes amid the growing Philippine economy, which the company said could push demand and awareness of health care products and services.

source: https://www.bworldonline.com/ayala-acqui...ealth-app/
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....why are they scrambling to go into logistics? next big thing ba ito? Tongue

Ayala invests P1B in logistics business

AYALA CORP. (AC)’s infrastructure unit is investing more than a billion pesos to grow its logistics business, as the conglomerate capitalizes on opportunities in the growing e-commerce industry.

AC Infrastructure Holdings, Inc. formally launched on Monday Entrego Fulfillment Solutions, Inc., its 60-40 joint venture company with Brillant 1257 GmbH & Co. Vierte Verwaltungs Kg (Brillant), a subsidiary of Zalora operator Global Fashion Group (GFG).

“Total investment is over a billion until next year. We see a lot of opportunities, and a lot more space that can be entered into,” AC Infra President and Chief Executive Officer Jose Rene D. Almendras said in a press briefing in Makati on Monday.

Entrego started out as the logistics division of Zalora Philippines in 2013, before being transformed into a joint venture firm between GFG and AC Infra. The company offers integrated fulfilment solutions such as management of parcel, documents, and bulk deliveries for business-to-business (B2B) and business-to-consumer (B2C) clients.

Mr. Almendras said the investment will cover Entrego’s 12,000-square meter facility being built in southern Metro Manila. The facility will have the capacity to process more than 100,000 packages a day, and is expected to be completed by the fourth quarter of 2019.

“We are opening that next year, it will be our first automated sortation center, a sorting facility. The benefit is you can dock a whole truck of parcels, then it gets sorted to different parts of the country,” Entrego Chief Executive Officer Constantin Robertz said during the press conference.

This will boost the Entrego’s current capacity, which Mr. Robertz noted is “in the five-digits, tens of thousands.”

Mr. Robertz said the company has 45 distribution hubs across the country, ensuring 90% nationwide coverage for deliveries. It targets to have a total of 60 distribution hubs by next year to further expand its coverage.

Entrego’s customers include Zalora, with a share of less than 30%, and the Ayala Group, cornering less than 50%.

In September 2017, the Ayala group also acquired a 49% stake in Zalora Philippines operator BF Jade E-Services, Inc.

AC Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala said the investment in Entrego will benefit their businesses in real estate, banking, telecom, health, automotive, and industrial manufacturing.

“Our business units overlap on several fronts and managing their supply chain and their fulfillment services needs to its customers is one such front where we see Entrego adding value,” Mr. Zobel said in a statement.

Mr. Almendras said they expect the business to profitable “soon.”

At the same time, AC Infra targets to unveil another similar partnership within the year.

“We’re targeting to have a launch for that one before the end of the year… Along the lines of what we have today,” Mr. Almendras said. He added that they are teaming up with a Nasdaq-listed company for this venture.

With its logistics business, AC Infra hopes to take advantage of the growth in the local e-commerce sector which is estimated to generate revenues of P185 billion and have 46.1 million users by 2020.

“E-commerce’s 10-year CAGR (compounded annual growth rate) is 40%. Imagine the volume there,” Mr. Almendras said.

source: https://www.bworldonline.com/ayala-inves...-business/
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Ayala invests in renewable energy firm

AC ENERGY, Inc. through its international unit has invested in Singapore-based renewable energy company The Blue Circle Pte. Ltd. through a 25% ownership acquisition as well as co-investment rights in the latter’s projects.

“It’s a platform partnership. The Blue Circle, TBC, is a regional development and operations company focused on wind.”

AC Energy Chief Executive Officer Eric T. Francia told reporters on Tuesday.

AC Energy, the energy arm of diversified conglomerate Ayala Corp., and TBC are to jointly develop, construct, own and operate the latter’s pipeline of around 1,500 megawatts (MW) of wind projects across Southeast Asia, including about 700 MW in Vietnam. TBC developed and constructed one of the first wind farms in Vietnam.

Next year, the partnership plans to develop around 100 to 200 MW of wind energy projects in Vietnam out of TBC’s project pipeline in that country, he said.

AC Energy subsidiary AC Energy International Holdings Pte. Ltd. signed the deal with TBC.

“What we like about this platform and partnership is that number one, they have the capabilities and the track record for wind, and number two, they have a very good pipeline of development projects across the region,” Mr. Francia said.

He said TBC’s principal markets are Thailand and Indonesia, although it has some developmental assets in Indonesia and Cambodia, and at a lesser magnitude, in the Philippines.

“We’re gonna begin this relationship by focusing first on Vietnam because that’s where most of the action is,” Mr. Francia said, adding that the regional neighbor has an installation deadline for renewable energy projects aiming for a feed-in tariff.

He said AC Energy has set aside $100 million of equity for these projects.

Mr. Francia said funding for the projects would come from corporate debt and the funds raised from the sell down of AC Energy’s thermal assets. He also said that the company was working with several lenders to put together the loan component to fund the projects.

He placed the cost of putting up each megawatt of wind project at $1.5-$1.6 million dollars.

AC Energy previously said it had more than $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region. It aims to develop five gigawatts of attributable capacity and generate at least half of energy from renewables by 2025.

source: https://www.bworldonline.com/ayala-inves...ergy-firm/
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...SELL Tongue

Ayala Q3 attributable profit dips

AYALA CORP. (AC) saw its attributable profit drop by five percent in the third quarter of 2018, as the higher earnings from its property unit failed to offset the weakness of its industrial business and the absence of transaction gains from the power segment.

In a disclosure to the stock exchange on Wednesday, the country’s oldest conglomerate said it generated P7.8 billion from July to September. AC attributed the slowdown to AC Industrials and AC Energy, noting that the latter booked services income from the financial close and construction of a new power plant.

Without transaction gains, AC’s attributable profit would have grown six percent year-on-year.

On a nine-month basis, AC’s net income attributable to owners of the parent went up by three percent to P23.86 billion, from P23.24 billion in the same period a year ago. The company posted higher interest expenses at the parent level due to increased borrowing to finance its capital spending, tempering the strength of its real estate, telco, and power businesses.

Revenues meanwhile surged by 18% to P223.48 billion.

“These results reflect the value of having a well-diversified portfolio. While some businesses have more exposure to the impact of certain local and global macroeconomic and industry challenges, other businesses have been fairly insulated and are providing a positive balance to our portfolio,” AC President and Chief Operating Officer Fernando Zobel de Ayala said in a statement.

For property, Ayala Land, Inc. (ALI) grew its earnings by 17% to P20.8 billion on account of higher demand for its residential properties, complemented by its commercial leasing business. Revenues jumped 21% to P119.7 billion.

The listed property developer’s reservation sales went up by 15% to P108.4 billion. It also benefited from the opening of new malls, offices, and hotels, as commercial leasing revenues firmed up 14% to P25.3 billion.

Bank of the Philippine Islands recorded flat earnings at P17 billion, despite a 7.3% uptick in revenues to P56.9 billion. Its total assets reached P1.96 trillion as of end-September, 8.9% higher year-on-year.

Globe Telecom, Inc. grew its attributable profit by 17% to P15.16 billion, following a nine percent increase in service revenues to P103.3 billion. The company has been expanding its 4G and LTE network to accommodate the demand for content-filled products and multi-media apps. With this, the data-related business accounted for 59% of service revenues.

Meanwhile, Manila Water Company, Inc. logged a net income of P4.9 billion, a percent higher year-on-year, as revenues grew seven percent to P14.4 billion. It recorded a 3% growth in billed volume in the Metro Manila East Zone concession to 378 million cubic meters.

At the same time, the firm booked a strong performance from its Vietnam subsidiaries, with equity share in net income of associates surging 82% to P514 million.

AC Energy improved its net earnings by 39% to P2.8 billion for the period, driven by its thermal and renewable platforms.

Earnings of AC Industrials fell by 27% to P758 million, dragged by its automotive business and start-up losses from new businesses. Weak sales from the Honda and Isuzu dealership, alongside the company’s further investment into the dealerships, prompted a 67% profit decline to P157 million.

Sought for comment on AC’s performance, Philstocks Financial, Inc. Research Associate Piper Chaucer Tan said the flattish quarter is “justifiable.”

“AC is investing on its power plant… which it is counting on for future growth…. With the influx spending in Christmas season, we think that AC can deliver its earnings guidance for 2018 moving forward,” Mr. Tan said via text.

source: https://www.bworldonline.com/ayala-q3-at...ofit-dips/
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AC Energy says close to reaching balanced mix of renewables, geothermal

AC ENERGY, Inc. is close to reaching an equal share of renewables and thermal energy capacity in its portfolio among its operating plants as of 2018, its top official said.

“You’d be surprised. We’re close to 50-50. Very close. I’m talking about actual electrons being produced. It doesn’t include projects under construction,” AC Energy Chief Executive Officer Eric T. Francia said in a media round table at the company’s head office in Makati City.

The Ayala Corp. energy investment platform has 1.7 gigawatts (GW) or 1,700 megawatts (MW) of operating energy capacity. It had targeted installing 1,000 MW of renewable energy by 2020 but had stopped talking about that goal as it sets its sights on a new target of 5GW by 2025 from a balanced mix of renewables and thermal assets.

“Our geothermal investment is 126 MW attributable at a 90% plus capacity factor. That offsets Mariveles [plant] where we also have 126 MW. So SLTEC (South Luzon Thermal Energy Corp.) now is offset by all other renewables. Our wind projects in Indonesia and the Philippines and then our solar project more or less offset the SLTEC [capacity]. So we’re in a nice position,” he added.

The current figure is set to change when its big coal-fired power plant projects come online in the coming months and years.

“I’m actually proud of this. This is our objective for 2025 to be at least 50% renewables, we’re not far from that today in terms of actual operating assets, which is the great news,” Mr. Francia said.

“Now having said that, if we didn’t do anything active because of the power plants under construction once Kauswagan comes in next year, once Dinginin [comes in], imagine if we did not sell to Aboitiz, that’s where you get your 80% plus thermal 20% renewables and it’s gonna be hard to catch up,” he added.

Mr. Francia was referring to GNPower Kauswagan Ltd. Co., which is building in Kauswagan, Lanao del Norte a clean pulverized coal-fired power generation facility with four units, each with a capacity of 138 MW or a total of 552 MW.

GNPower Dinginin Ltd. Co. is building two identical units of 668 MW coal-fired power plant in Sitio Dinginin in Mariveles, Bataan or a total of 1,336 MW.

In September this year, AC Energy announced that it had sold to Aboitiz Power Corp. up to 60% of its economic stake in AA Thermal, Inc., the Ayalas’ thermal platform in the Philippines.

The platform initially consists of its partnership interests in GNPower Dinginin and GNPower Mariveles Coal Plant Ltd. Co., which has a capacity of 632-MW.

AC Energy has yet to find a partner for the Kauwagan project.

Mr. Francia said the selldown was meant to pre-empt coal’s greater dominance in the company’s portfolio mix.

“Before that happens let’s try to proactively manage it. Let’s accelerate our renewables that’s why we’re going big on Vietnam, going big on Australia. I wish we could go big on Philippines soon but it’s not practical for many reasons,” he said.

“So this selldown of AA Thermal to Aboitiz helps balance our portfolio and then you all know it’s been widely reported that there’s quiet a bit of interest in the balance of our portfolio, including Mindanao. So if and when that happens then hopefully we can sort of maintain this balance that we have now in 2018, we can maintain that all the way to 2025,” Mr. Francia said. 

source: https://www.bworldonline.com/ac-energy-s...eothermal/
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...sa Ayala pala 'to Kia? Tongue

Ayala to reintroduce Kia to Philippine market

AC Industrial Technology Holdings, Inc. (AC Industrials) has sealed the deal to distribute Kia vehicles in the Philippines, expanding the number of auto brands under its portfolio.

In a disclosure to the stock exchange on Wednesday, parent Ayala Corp. said AC Industrials has signed a distribution agreement with Kia Motors Corp. (KMC) for the Philippines.

AC Industrials will establish a joint venture with Kia’s previous distributor, Columbian Autocar Corp. (CAC), with the former as majority shareholder. This will allow them to revamp the Kia brand in time for a targeted relaunch by January 2019.

“We are very excited to partner with Kia Motors in re-introducing the Kia brand to the Philippine market. With Kia’s dominant position globally, this partnership will undoubtedly boost AC Industrials’ automotive portfolio and enhance its position in the domestic automotive space,” AC Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala said in a statement.

Meanwhile, AC Industrials President and CEO Arthur R. Tan said will be able to offer “competitive, technologically advanced vehicles in many key market segments.”

“As domestic automotive tastes rapidly evolve alongside the sector itself, AC Industrials, in partnership with Kia, is well-positioned to capitalize on this disruption and evolution and advance its strategic objective of becoming a leading player in the Philippine vehicle industry,” Mr. Tan was quoted as saying in a statement.

Founded in 1944 in Seoul, KMC has since grown to be a global automobile manufacturer selling vehicles in South Korea, North America, Europe, and other international markets. It became an affiliate of the Hyundai Motor Group in 1998.

KMC sold 2.76 million vehicles in 2017 across 185 countries. With this, the Hyundai-Kia group was ranked as the third largest automotive manufacturer in the world with 7.25 million vehicles sold.

The Kia group said its partnership with AC Industrials will allow them to accelerate their brand’s growth in the country.

“Together we will offer a refreshed, competitive model lineup and an outstanding sales and service experience. We also look forward to gradually bringing to the Filipino market many of the disruptive technologies now reshaping the future of the automotive industry,” according to a statement quoting Kia Motors Executive Vice-President and Chief Operating Officer Ho-Sung Song and Kia Motors Asia Regional HQ President Steve Lee.

AC Industrials will now have six brands under its vehicle distribution and dealership unit, AC Automotive.

AC Automotive currently distributes the Honda, Isuzu, Volkswagen, and KTM brands, under which it oversees a network of 27 company-owned and 30 third party-owned dealerships nationwide.

It partnered with Chinese automaker SAIC Motor Corp. to distribute Maxus commercial vehicles in the Philippines starting next year. 

source: https://www.bworldonline.com/ayala-to-re...ne-market/
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Ayala Healthcare buys 75% of Negros Grace Pharmacy

AYALA Healthcare Holdings, Inc. has invested in Negros Grace Pharmacy, Inc. through a share purchase agreement for a 75% stake in the Visayan-focused chain, its parent firm Ayala Corp. said on Friday.

“This transaction enables AC Health to expand its portfolio in pharmacies, particularly in the Visayas region,” the listed diversified conglomerate told the stock exchange.

The share purchase agreement, which was signed with Jasminum Corp., was executed on Dec. 6, 2018. Closing is subject to the fulfillment of certain conditions precedent and to securing any necessary regulatory approval, Ayala Corp. said.

“Negros Grace, based in Bacolod City and founded in 1971, owns and operates over 70 drugstores across Central and Western Visayas,” the holding firm said.

The agreement comes a day after Ayala Corp. disclosed the ratification by its board of the executive committee’s approval of the merger of its subsidiary AC Education, Inc. with iPeople, inc., the education subsidiary of House of Investments, Inc.

Under the terms and conditions of the merger, listed iPeople will be the surviving entity.

“The merger, which shall be completed as a statutory merger in accordance with Philippine law, shall be subject to the approval of the respective Boards of Directors and stockholders of AC Education and iPeople as well as securing the necessary regulatory approval,” it said.

source: https://www.bworldonline.com/ayala-healt...-pharmacy/
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