EXCERPT

Ayala Land Inc. has raised P3.47 billion from the sale of shares of AREIT Inc., its real estate investment trust, which it received from a property-for-share swap.

In a disclosure to the Philippine Stock Exchange, ALI said it sold 87.37 million AREIT shares at a transaction price of P39.70 per share.

The shares sold to qualified institutional buyers in the US as well as in the Philippines. The sale of the Offer Shares is exempt from the registration requirements of the SRC, and the said shares were not registered with the Securities and Exchange Commission.

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