MANILA, March 14 (Reuters) - Philippine conglomerate Ayala Corp said on Wednesday its board had approved a plan to raise as much as 10 billion pesos ($234 million) by selling 15-year fixed rate bonds.
Ayala did not disclose the purpose of the fundraising, but said last week it plans to spend 91 billion pesos this year for real estate development, network improvements in its telecom unit, acquisitions, and for investments in its Manila Water Co Inc unit.
BPI Capital Corp, a unit of Ayala Corp’s banking arm Bank of the Philippine Islands, is the issue manager.
Ayala Corp, which owns the country’s biggest property firm, Ayala Land Inc, and second-biggest telecommunications firm, Globe Telecom, posted a net income of 9.4 billion pesos in 2011, down 16 percent from a year earlier.
Shares of Ayala Corp were up 0.5 percent on Wednesday against the broader market’s 0.9 percent rise.
$1 = 42.7 pesos Reporting by Erik dela Cruz; Editing by Matt Driskill