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Philippines: Ayala Corp completes Zalora purchase
LISTED conglomerate Ayala Corp. announced on Thursday it has completed the acquisition of a significant stake in BF Jade E-Services, Inc., which owns the online fashion retailer Zalora.
Ayala Corp. said it has acquired over 269 million shares, equivalent to a 43.28 percent stake in BF Jade, while Ayala Land Inc. (ALI) in a separate statement said it has acquired a 1.91 percent stake, or 11.89 million shares, in BF Jade.
The acquisition price was not disclosed. In their statements, Ayala Corp. and ALI said the total amount was “less than 10 percent of Ayala’s shareholders’ equity.”
“On August 31, Ayala Corporation through its wholly owned subsidiary AC Ventures Holding Corp, Ayala Land Inc. through its wholly owned subsidiary AMSI, Inc., BPI Capital Corporation, and Kickstart Ventures Inc.
subscribed to the shares in BF Jade E-Service Philippines, Inc., all closing conditions having been complied with. Ayala and Ayala Land assigned their rights to subscribe to BF Jade shares to AC Ventures and AMSI respectively,” the statement read.
Zalora is currently the country’s largest online fashion store which offers over 120,000 products across over 1,000 brands in accessories, beauty, clothing, shoes, and sports.
Source: http://www.manilatimes.net/ayala-corp-completes-zalora-purchase/347962/