Healthway Philippines, Inc entered into a share purchase agreement to acquire a 39.2% stake in Daniel O Mercado Medical Center from Ayala Land, Inc..
December 20, 2020
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Healthway Philippines, Inc agreed to acquire a 39.2% stake in Daniel O Mercado Medical Center from Ayala Land, Inc. (PSE:ALI) on October 7, 2020. Healthway Philippines, Inc entered into a share purchase agreement to acquire a 39.2% stake in Daniel O Mercado Medical Center from Ayala Land, Inc. on December 21, 2020. Under the transaction, Healthway Philippines, Inc will acquire 28,125,782 common shares and 330,607 preferred shares of Daniel O Mercado Medical Center. Transaction is subject to approval of the amendment of the Articles of Incorporation and By-Laws of Daniel O Mercado Medical Center to reflect revisions therein, including the increase in authorized capital stock and creation of voting, cumulative, redeemable and on-participating preferred shares; Renewal of relevant permits; Execution of agreements to purchase the hospital buildings from Ayala Land, Inc.’s subsidiaries and related companies. Transaction has been approved board of directors of Ayala Corporation, parent of Ayala Healthcare Holdings, Inc. As of October 19, 2020, transaction has been approved by board of directors of Ayala Land. Cash generated from the transaction can be used by Ayala Land or its operations.
Ayala Land, Inc. is a Philippines-based property developer. The Company is focused on developing integrated and mixed-use real estates. The Company operates through eight segments: Property Development, International Business, Shopping Centers, Offices, Hotels and Resorts, Construction, Property management, and Others. The Company has developed properties in the Makati CBD, Ayala Alabartg, Cebu Park District, Bonifacio Global City, and others. It has approximately 12,000 land, and 49 developed estates. The Company offers diverse portfolio of complementary businesses primarily in the development of residential, office, commercial, and industrial properties for sale, as well as commercial leasing through shopping centers, offices, hotels, resorts, factory buildings, warehouses, co-living, and co-working spaces. Its brands include Ayalaland Premier, Alveo, Avida, Amaia, and BellaVita. The Company's subsidiaries include Alveo Land Corporation, Serendra, Inc., and others.