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MANILA- The maker of C2 tea drink and Jack 'n' Jill snack food is on the prowl for acquisitions.
In a disclosure to the Philippine Stock Exchange, Universal Robina Corp. said its board approved the sale of shares to institutional investors.
URC will sell 120 million common shares to raise P7.44 billion, the proceeds of which would be used for acquisitions.
The shares will be sold at P62 apiece, reflecting a 4.8 discount to the previous closing price and a 2.3 percent discount to the 30-day volume weighted average prices.
The shares will be crossed through the PSE today upon securing the approval for the block sale. Settlement of the shares will be on June 19.
CLSA Limited acted as sole bookrunner and sole placing agent for the transaction.
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