|Ayala Corporation (PSE:AC)|
|Monday, 07 January 2008 21:49|
Ayala Corporation (PSE: AC) is a holding company for the diversified interests of the Ayala Group. It was founded in 1834 and is the oldest and largest conglomerate operating in the Philippines. The company has a portfolio of diverse business interests including investments in real estate, banking, telecommunications, electronics, information technology, water infrastructure and management and business process outsourcing.
In the late 1800s, Ayala participated in the construction of the Colgante and the Ayala bridges and in 1888, it introduced the first tramcar service in the Philippines. Ayala was mainly responsible for the development of Makati as the financial district of the Philippines.
Ayala was recently named (2007) by Asiamoney as the country's best managed large-capitalization company.
The Ayala Corporation is currently the holding company for the following:
Retirement of the Ayala chairman
In January 2006, the board of directors publicly announced the decision by Jaime Zobel de Ayala to retire as chairman of the corporation by April 2006. The board also announced Zobel de Ayala's appointment as chairman emeritus upon his retirement. His older son, Jaime Augusto Zobel de Ayala, is now the current Chairman and Chief Executive Officer of the corporation while his younger son, Fernando Zobel de Ayala has assumed the position of President and Chief Operating Officer. The family holding company Mermac continues to hold a majority stake in Ayala Corporation.
On September 10, 2007, Conglomerate Ayala Corp. announced that it will buy back P2.5-billion worth of its shares, raise the price of its stock and "enhance shareholder value." Its board of directors approved the creation of a share buyback program involving P2.5 billion or about 1.3% of the company's current market capitalization. Ayala Corp.'s shares declined by 2.1164 % to P462.50.
P 140 million damages
On December 21, 2007, Judge Reynaldo Daway, Branch 90, RTC, Quezon City ordered Ayala Land offshoot Avida Land Corporation (formerly Laguna Properties Holdings Inc.) to pay P140 million in damages to Filipino inventor Edgardo Vazquez, president and chief executive of Vazquez Building Systems Corp. and a former president of the Filipino Inventors’ Society. It was a copyright violation regarding a modular housing system “Vazbuilt.