MANILA - Malaysia's state investor Khazanah Nasional Bhd and global private investment firm TPG have agreed to buy $132 million worth of shares in 8990 Holdings Inc, the Philippine mass housing developer said on Wednesday.
Khazanah and TPG have committed to subscribe to about two-thirds of 8990 Holdings' follow-on equity offering that raised P9 billion ($204 million), the Philippine firm said in a stock exchange filing.
The shares bought by the two institutional investors, amounting to over P5.8 billion, are equivalent to around 20 percent of the Philippine firm's equity, according to Reuters' computations.
The transaction, priced at P6.50 per share, saw strong demand from global investors, 8990 Holdings said. The offer price represents a 6 percent discount to the stock's closing price of P6.92 on Tuesday.
Shares of 8990 Holdings, with a market value of $737 million, fell as much as 4.6 percent on Wednesday. Manila's main index was up less than 1 percent.
UBS was sole global coordinator and bookrunner for the offer and was also domestic underwriter, along with SB Capital Investments Corp.