Mitsubishi trims stake in Ayala
Japanese trading giant Mitsubishi Corp. raised $225 million from the sale of its stake in Ayala Corp.
Mitsubishi unloaded 13 million common shares of Ayala at P900 each, a steep discount to Tuesday’s closing price of P970.50 apiece.This triggered a selldown in shares of Ayala.
Ayala shares fell to as much as P915 each Wednesday.
Analysts think the sale may not be a good one for Ayala as Mitsubishi may continue to sell more shares in the near term.
The disposition of shares just came a year after the Japanese firm pared down its stake in the Philippines’ oldest conglomerate as part of the realignment of its portfolio.