By Leslie D. Venzon
MANILA, (PNA) — Listed Alliance Global Group, Inc. (AGI) will raise P16.2 billion (about $ 371 million) from offering of common shares in subsidiary which will be mainly used to fund the growth of Emperador, the country’s largest liquor firm.
In a disclosure, AGI of tycoon Andrew Tan announced the successful offering of 1.8 billion common shares in TrillionStars Holdings, Inc. (TSI) priced at P8.98 a-piece.
The offering represents 12 percent of the total issued shares of TSI, which will be renamed Emperador Inc.
Under a share subscription agreement between AGI and TSI, around P11.2 billion ($ 257 million) of these gross proceeds will be earmarked to boost growth of Emperador.
Emperador is also the largest brandy producer in the world.
The offering attracted strong interest from a wide range of domestic and international investors, including high quality institutional investors as well as ultra-high net worth investors.
“We are very pleased to have established a separate listed platform for Emperador and created a strong base of high quality international and domestic shareholders via the Offering,” said Andrew L. Tan, chairman and chief executive officer of AGI and chairman of TSI.
Tan bared that in the recent weeks, the company has received strong endorsement from AGI shareholders of how it has built Emperador into a market leader.
“We have aggressive and exciting growth plans and the listing and equity raising will put Emperador in a strong position to execute these plans,” he said.
At the offering price, TSI’s market capitalization will be valued at about P135 billion ($ 3.09 billion), making it one of the top 20 largest listed companies on the Philippine Stock Exchange by market capitalization as of September 19 this year.
The settlement for the offering is slated on September 25.
Macquarie Capital (Singapore) Pte. Limited is Sole Global Coordinator, Sole Bookrunner and Lead Manager for the offering.