MANILA, Philippines - The Gokongwei group's unit Express Holdings Inc. sold 100 million shares of conglomerate JG Summit Holdings, raising P3.2 billion.
In a disclosure to the stock exchange, JG Summit said Express Holdings sold 100 million shares through an accelerated overnight equity placement at P32 per share.
"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," JG Summit said.
The sale price of P32 per share is a 7% discount from the P34.40 closing price of JG Summit shares on Tuesday.
UBS was the sole bookrunner for the transaction.
JG Summit has interests in food manufacturing (Universal Robina Corp.), property development (Robinsons Land), airlines (Cebu Air), among others.