AYALA Healthcare Holdings, Inc. has invested in Negros Grace Pharmacy, Inc. through a share purchase agreement for a 75% stake in the Visayan-focused chain, its parent firm Ayala Corp. said on Friday.
“This transaction enables AC Health to expand its portfolio in pharmacies, particularly in the Visayas region,” the listed diversified conglomerate told the stock exchange.
The share purchase agreement, which was signed with Jasminum Corp., was executed on Dec. 6, 2018. Closing is subject to the fulfillment of certain conditions precedent and to securing any necessary regulatory approval, Ayala Corp. said.
“Negros Grace, based in Bacolod City and founded in 1971, owns and operates over 70 drugstores across Central and Western Visayas,” the holding firm said.
The agreement comes a day after Ayala Corp. disclosed the ratification by its board of the executive committee’s approval of the merger of its subsidiary AC Education, Inc. with iPeople, inc., the education subsidiary of House of Investments, Inc.
Under the terms and conditions of the merger, listed iPeople will be the surviving entity.
“The merger, which shall be completed as a statutory merger in accordance with Philippine law, shall be subject to the approval of the respective Boards of Directors and stockholders of AC Education and iPeople as well as securing the necessary regulatory approval,” it said.
On Friday, shares in Ayala Corp. fell 2.57% to P910. — Victor V. Saulon

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