![]() took the nearly $31 million it gained from the Ayala Land IPO to boost stakes in the Bank of the Philippine Islands and the telecommunications company Globe Telecom. ![]() Until a recent correction, they led the index in a surge that had lasted most of the year. and Ayala Land together dominate the Manila Composite Index - the two of them represent 16% of it. "The IPO added luster to the company's size," says Licuanan. One hundred dollars invested in Ayala Land shares when it went public is worth $430 today. Its profits have exploded from $43 million in 1992, the first full year after the initial public offering, to $125 million in just the first nine months of this year. It is already the country's biggest public company in terms of market capitalization: $6.1 billion. Says president Francisco Licuanan: "The Canlubang development will give us growth for the next 10 to 15 years." ![]() From the nearly $68 million in capital Ayala Land netted, it bought a big chunk of the 1,300-hectare Canlubang sugar plantation 45 km south of Manila and began laying the groundwork for its entry into middle-class housing, as opposed to the high-end residential projects it had concentrated on up to then. In 1988, it spun off its real estate division, Ayala Land, and took it public three years later. In fact, over the years, agility and the ability to use capital productively have been its corporate hallmarks. The company may be one of the biggest conglomerates in the Philippines (1995 sales: $947 million), but it is no lumbering giant. But tell that to Ayala Corp.'s management, and the response is likely to be derisive. From Our Correspondent: Hirohito and the WarĪ conversation with biographer Herbert Bixįrom Our Correspondent: A Rough Road Aheadīad news for the Philippines - and some others
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