Alliance Global sells nearly P10-B shares to fund tourism projects

ABS-CBN News

Posted at Apr 05 2011 12:34 PM | Updated as of Apr 05 2011 08:34 PM

MANILA, Philippines - The holding firm of tycoon Andrew Tan has raised P9.73 billion from the sale of shares to institutional investors.

In a disclosure to the stock exchange, Alliance Global Group Inc. (AGI) said the proceeds would be used to fund its investments in tourism-related projects as well as for other general corporate purposes.

AGI sold 550.1 million treasury shares at P11.16 each, while property unit Megaworld Corp. sold another 321.9 million AGI shares.

The offer price was a 7% discount to AGI's closing price of P12 on Monday.

"The deal was upsized from approximately P6.14 billion to P9.73 billion," AGI said.

Aside from Megaworld, AGI's subsidiaries include food and beverage firm Emperador Distillers Inc., fast food McDonald's Philippines, and the integrated tourism project Resorts World.