THE Securities and Exchange Commission (SEC) has approved the plan of Ayala Land Inc. (ALI) to issue up to 1 billion common shares to raise funds for expansion.

The shares have an aggregate par value of P1 billion.

In a disclosure to the stock exchange Tuesday, ALI said they can use the shares to swap with properties or assets as well as raise funds to purchase for land-banking.

The price and the terms and conditions will be determined by the ALI board based on prevailing market conditions or on agreements negotiated with parties.

“The timing [for the issuance] depends on a lot of factors like how immediate is the need for it. We will do it responsibly at the right price,” said ALI senior vice president and chief financial officer Jaime Ysmael in an earlier interview.

ALI, whose shares are traded at the stock exchange, is the largest property developer in the country and is a subsidiary of Ayala Corp.

This year, it has allotted a capital expenditure of P24 billion, 60 percent higher from the P15-billion budget it set in 2007.

The capex will support its aggressive expansion in the residential and office development segments and support priming activities in strategic landbanks in the Makati Central Business District, Bonifacio Global City and Canlubang, Laguna.

“It’s the biggest capex so far in the history of the company. This is a clear indication of how upbeat we are in the real-estate sector even with the global developments in the financial market,” said president Jaime Ayala.

The capex will be funded through a combination of internally generated cash and borrowings.

ALI shares ended at P10.25 in yesterday’s trading, down from Monday’s close of P10.50.

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