In a stock exchange filing, ALI said it sold 75 million common shares of AREIT at P36.2 apiece under a placement agreement with UBS AG Singapore Branch and BPI Capital Corp.
ALI expects the proceeds from the block sale to be settled on Sept. 24, subject to the terms and conditions of the placement agreement.
"The transaction was multiple times oversubscribed, given the solid demand from high-quality, long-only institutional investors," the company said.
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