Manila's Ayala Corp says has 13 bln pesos for investment - News

Runway Angels
The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.
Smartphone Guide
Here's a need-to-know guide to nine devices, based on features, price, network and platform.
Wines for the Holidays
Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES

How Well Do You Know Your Bird?
Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.
A Healthier & Wealthier You
Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.
The Billionaire BFF's
Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?

SPECIAL REPORTS

Winterizing Your Portfolio
If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.
Investor's Guide to Real Estate
Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.
Alternative Investing
Stocks and bonds? Sure. But it's a big world out there for investors.

CNBC ON DIGG

Manila's Ayala Corp says has 13 bln pesos for investment

By: AFX | 15 Nov 2009 | 04:26 AM ET

Text Size

MANILA, Nov 15 (Reuters) - Ayala Corp, the oldest conglomerate in the Philippines, has 13 billion pesos ($278 million) in cash to fund potential acquisitions and investments, a company official has said. "We're casting our net wide in terms of looking for opportunities," Eric Francia, Ayala Corp's managing director for corporate strategy, said at the weekend. "Investing in new businesses is definitely on top of the list... we still believe in certain growth areas within the sectors we play in... BPO (business process outsourcing) and water space." Ayala Corp has interests in mall and property development, banking, telecommunications, electronics, water utility and business services. It recently raised its stake in water utility firm Manila Water Co to 43.3 percent via a 3.5 billion pesos deal with British firm United Utilities. Francia said the company's business decisions would be "calibrated" and new acquisitions would only be pursued if they create value for shareholders. "I don't think we will make numerous investments with that kind of money because we always believe that scale is a consideration," Francia said. He said the company had considered a "broad array" of deals in the past but they did not come to fruition because they failed to meet the company's primary consideration. "There's a lot of reasons why past deals didn't work out. Issues on valuation are almost always an issue especially in a market with a volatile environment," he said. Francia said Ayala Corp was not ruling out the possibility of revisiting some of these deals. "We are really flexible." The conglomerate recorded a 13 percent increase in net income in the third quarter of this year to 1.7 billion pesos. (Reporting by Karen Lema; Editing by Alex Richardson) ((karen.lema@thomsonreuters.com; +632 841-8938; Reuters Messaging: karen.lema.reuters.com@reuters.net)) Keywords: AYALACORP/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

Tools: