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AREIT schedules special stockholders’ meeting.
AREIT Schedules Special Stockholders’ Meeting
Ayala Land REIT, Inc. (AREIT) has announced that it will hold a special stockholders’ meeting on September 30, 2021. The meeting will be held virtually, in compliance with the guidelines set by the Securities and Exchange Commission (SEC) and the Department of Health (DOH) amid the ongoing COVID-19 pandemic.
The special stockholders’ meeting will be held to discuss and vote on several important matters. One of the key items on the agenda is the proposed amendment to the company’s Articles of Incorporation to increase the authorized capital stock from Php 35 billion to Php 50 billion. This move is aimed at providing AREIT with more flexibility to pursue its growth plans and take advantage of opportunities in the market.
Another important item on the agenda is the proposed issuance of new shares of stock through a follow-on offering. This move is aimed at raising additional capital to fund the company’s expansion plans and strengthen its balance sheet. The follow-on offering is expected to be launched in the fourth quarter of 2021, subject to market conditions and regulatory approvals.
In addition to these items, the special stockholders’ meeting will also discuss the appointment of a new independent director to the company’s board. This move is aimed at enhancing the board’s diversity and expertise, and ensuring that the company’s governance practices remain robust and effective.
AREIT’s management team is optimistic about the company’s prospects and believes that the proposed amendments and follow-on offering will help position the company for long-term growth and success. The company’s portfolio of high-quality properties, strong tenant base, and experienced management team make it an attractive investment opportunity for both local and foreign investors.
AREIT is the first and only real estate investment trust (REIT) listed on the Philippine Stock Exchange (PSE). It was established in August 2020 and has since grown its portfolio to include six properties, comprising office, retail, and logistics assets. The company’s total assets under management (AUM) stood at Php 37.5 billion as of June 30, 2021.
In conclusion, the upcoming special stockholders’ meeting is an important event for AREIT and its investors. The proposed amendments and follow-on offering are expected to provide the company with the capital and flexibility it needs to pursue its growth plans and create value for its stakeholders. Investors should stay tuned for further updates on these developments and consider adding AREIT to their investment portfolios.