Areit Inc., the real estate investment trust sponsored by property developer Ayala Land Inc., on Wednesday said it has obtained the Securities and Exchange Commission’s (SEC) approval for their share swap deal valued at P11.25 billion. Know more:
Areit Inc., the real estate investment trust sponsored by property developer Ayala Land Inc., on Wednesday said it has obtained the Securities and Exchange Commission’s approval for their share swap deal valued at P11.25 billion.
In anticipation of the approval, Areit has already declared its third quarter 2022 dividends last October 11 at P0.49 per share, to stockholders of record as of October 25. The announcement was made ahead of its regular quarterly dividend declaration. In line with this, the parties have executed an amendment to Section 4.3 of the deed of exchange effecting the recognition of income from the new assets by Areit for the fourth quarter of 2022.
Areit said it will apply for the Bureau of Internal Revenue’s certificate authorizing registration for the new assets and listing the shares in favor of Ayala Land within the first quarter.
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