REAL estate developer Ayala Land Inc. (ALI) reported that its certificate authorizing registration (CAR) for the transfer of properties from its Cebu real estate companies to ALI is still under review.

In a statement, ALI informed investors that since the start of the processing of its CAR with the Bureau of Internal Revenue for the transfer of the properties from the absorbed corporations to their company, the application is still being scrutinized and pending approval.

“As of the moment, we are closely monitoring the said application. As for the merger shares, the stockholders will still be able to trade upon approval of its listing by the Philippine Stock Exchange,” ALI said.

On Dec. 16, 2021, the Securities and Exchange Commission (SEC) approved of the merger of Cebu Holdings Inc., Asian IOffice Properties Inc., Arca South Commercial Ventures Corp. and Central Block Developers Inc. into Ayala Land Inc. with ALI as the surviving entity.

The SEC confirmed that the issuance by ALI of 609,626,351 shares to the pre-merger shareholders of the absorbed corporations is exempt from the registration requirements pursuant to Section 10.2 of the Securities Regulation Code.

ALI plans to complete the process of securing the stock exchange’s approval for the additional listing of shares and secure from the Bureau of Internal Revenue the CAR within the first quarter of 2023.