Ayala Corp. acquired about P630.19 million worth of additional common shares in property unit Ayala Land, Inc. (ALI) through separate stock exchange disclosures, continuing its purchases of the listed developer after acquiring P457.6 million worth of ALI shares in June, BusinessWorld reported.
The latest purchases come amid market volatility, as the holding company increased its stake in the property developer. In a disclosure on Wednesday, Ayala Corp. said it bought 7.60 million ALI shares.
The acquisitions reflect Ayala Corp.'s confidence in ALI's long-term prospects, despite current market fluctuations. The holding company has been steadily increasing its ownership in its real estate arm.