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MANILA - An affiliate of JG Summit Holdings Inc. sold shares in the conglomerate through an accelerated overnight equity placement.
In a disclosure to the Philippine Stock Exchange, the Gokongwei-led holding firm on Wednesday said Express Holdings Inc. sold 100 million JG Summit shares at P32 per share, representing a discount of 6.98 percent from its closing price of P34.40 apiece on Tuesday.
Based on the purchase price, gross proceeds from the transaction reached P3.2 billion.
"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.
In February, JG Summit also conducted an overnight equity placement amounting to $125 million.
JG Summit is engaged in the business of food and beverage, real estate, airlines, banking and petrochemicals.
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