Philippines-based Ayala Corporation has announced plans to sell its remaining stake in the Light Railway Transit (LRT) Line 1, its thermal energy businesses, passive investments of AC Ventures, and non-core assets by 2023. This is part of the company’s overall goal of raising USD1 billion through asset sales. The proceeds will be used to support future investments, pay off debts, and improve the company’s balance sheet.
As of March 2022, the company has realised USD614 million from the partial divestment from Manila Water Company, sale of its stake in GNPower Kauswaganthe, and secondary shares in AC Energy.