Family cuts stake in Ayala through rare Philippine block trade

Improving economics in the Philippines helped to boost demand for the $214 million transaction, but the price was held back by events in Thailand.

The major shareholder of Philippine conglomerate Ayala Corporation last night raised $214 million from the sale of a 7.1% stake in the company, taking advantage of a record high share price.

The Deutsche Bank-led block trade offered a rare opportunity for investors to buy this fairly illiquid stock in size which, according to one observer, contributed to the strong demand and high quality of the order book. Investor interest was also underpinned by the fact that the sale came amid...

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