Real estate giant Ayala Land Inc. (ALI) has approved a plan to raise as much as P45 billion from the issuance of retail bonds or corporate notes.
The money to be raised from the offering will be used to refinance maturing debt and partially cover general corporate requirements.
ALI’s board likewise set additional grounds for disqualification of an independent directors.
It approved the temporary disqualification of a director who has been absent or has not participated in more than 25 percent of all meetings, the review of all related party transactions, and new sections covering the chief risk officer and his functions.
The company’s board approved the imposition of more stringent requirements on its directors and officers who wish to trade on our ALI shares, the updating of penalties for violation of the insider trading policy, and the expansion of the coverage of the policy to apply to directors and officers (vice president and up) in respect of their trading activities involving listed subsidiaries AyalaLand Logsitics Holdings Corp. and AREIT.
SOURCE: Bilyonaryo
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