By Leslie D. Venzon
MANILA, Jan. 22 (PNA) –- Philippine conglomerate JG Summit Holdings, Inc. raised Php8.8 billion in a share sale, proceeds from the offering will be used for general corporate purposes.
In a disclosure to the Philippine Stock Exchange, JG Summit said its shares were sold via an accelerated overnight equity placement at a price of Php61.00 a-piece.
It said the sale was a top-up placement of 145,650,000 common shares from a selling shareholder.
“The transaction was done in order to widen the shareholder base of the company and as a response to strong demand for the company’s stock,” the conglomerate added.
CLSA Limited and UBS AG acted as joint bookrunners for the transaction. (PNA)