Ayala Land Inc. said its board approved a cash dividend of 0.474786 Philippine cent per share to stockholders of the company's unlisted voting preferred shares.

Stockholders on record as of June 7 will receive the payment June 21, according to a release.

In addition, the board also approved the acquisition by Ayala Land subsidiary Avida Land Corp. of 264,534,247 shares of AyalaLand Logistics Holdings Corp. from Orion Land Inc. The seller of the shares will acquire a land parcel in the South Park district in Muntinlupa City, Philippines, in exchange for the shares.

Avida Land will subsequently sell all the shares to Ayala Land, increasing the Filipino diversified real estate company's effective ownership in AyalaLand Logistics to 72.25%.

As of May 24, US$1 was equivalent to 52.15 Philippine pesos.