AYALA CORP. acquired about P630.19 million worth of additional common shares in property unit Ayala Land, Inc. (ALI) through separate stock exchange disclosures, continuing its purchases of the listed developer after acquiring P457.6 million worth of ALI shares in June. In a disclosure on Wednesday, the listed holding company said it purchased 7.60 million ALI common shares for about P128 million, or P16.89 apiece. In a separate regulatory filing dated July 28, Ayala Corp. said it acquired about 30.07 million ALI common shares at an average price of P16.70 each, or about P502.19 million. He added that if Ayala Corp. considers ALI shares undervalued, purchasing additional shares could generate better long-term returns than pursuing external acquisitions at higher valuations. At the stock exchange on Wednesday, Ayala Corp. shares rose P26, or 5.35%, to close at P512 apiece, while ALI shares gained 10 centavos, or 0.59%, to close at P16.98 each.