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MarketScreener Homepage  >  Equities  >  PHILIPPINE STOCK EXCHANGE, INC.  >  Ayala Corporation    AC   PHY0486V1154

AYALA CORPORATION

(AC)
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Ayala : to Pay Up to $237.5 Million for Stakes in Yoma Group Companies

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11/13/2019 | 09:07pm EST

By Ben Otto

Philippine conglomerate Ayala will pay up to $237.5 million to acquire stakes of up to 20% in two of Yoma Group's listed companies, the companies said Thursday.

Manila-based Ayala will pay 0.45 Singapore dollar (US$0.33) a share for a stake in Singapore-listed Yoma Strategic Holdings Ltd. (Z59.SG) and 15,000 Myanmar kyat (US$9.75) a share for a stake in Yangon-listed First Myanmar Investment Public Co. The offer prices represent premiums of about 35% on the last closing prices for both companies' shares.

The investment will make Ayala, one of the Philippines' oldest and biggest conglomerates, the second-largest shareholder in both companies. Ayala and Yoma Group said the investment will be the largest ever made by the Philippine private sector in Myanmar.

"Today marks a new milestone for the Yoma Group," Serge Pun, executive chairman of Yoma Strategic and FMI, said in a statement. "We look forward to leveraging on the expertise and experience of Ayala to strengthen our existing businesses as well as to explore potential opportunities in Myanmar."

Jaime Augusto Zobel de Ayala, chairman and chief executive of Ayala, said the partnership "gives Ayala a unique opportunity to participate in Myanmar's growth story."

Ayala will pay up to US$155 million to acquire 474.7 million primary shares of Yoma Strategic. The company's stock rose as high as 22% to S$0.40 in morning trade in Singapore.

Separately, Ayala will provide a US$82.5 million convertible loan to FMI, which will be converted to a 20% stake.

Write to Ben Otto at ben.otto@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
AYALA CORPORATION End-of-day quote.
YOMA STRATEGIC HOLDINGS LTD. -2.70% 0.36 End-of-day quote.4.35%
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Financials (PHP)
Sales 2019 308 B
EBIT 2019 70 274 M
Net income 2019 45 733 M
Debt 2019 345 B
Yield 2019 0,83%
P/E ratio 2019 11,4x
P/E ratio 2020 12,8x
EV / Sales2019 2,81x
EV / Sales2020 2,55x
Capitalization 519 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Average target price 1 068,55  PHP
Last Close Price 828,00  PHP
Spread / Highest target 43,7%
Spread / Average Target 29,1%
Spread / Lowest Target 13,5%
EPS Revisions
Managers
NameTitle
Jaime Augusto Zobel de Ayala Chairman & Chief Executive Officer
Fernando Miranda Zobel de Ayala Vice Chairman, President & Chief Operating Officer
Jose Teodoro K. Limcaoco CFO, MD, Chief Risk Officer, & Group Head-Finance
Maria Angelica B. Rapadas Chief Information Officer
Delfin Lapus Lazaro Non-Executive Director