AREIT shareholders OK property-for-share swap

AYALA-LED real estate investment trust AREIT Inc.’s property-for-share swap transactions with other Ayala-led firms moved closer to completion after it secured stockholder approval.

In a disclosure on Monday, AREIT said stockholders owning or representing a majority of its outstanding capital stock had greenlit the issuance of about 841.3 million primary common shares to ACEN Corp. units, Ayala Land Inc. (ALI) and its subsidiaries.