JG Summit pockets $280m from upsized Robina block

Philippines flag 1
By Rev Hui
04 Oct 2013

Philippines conglomerate JG Summit Holdings raised Ps12.1bn ($280m) after selling a stake in its food manufacturing division, Universal Robina Corp, on October 3.

JG Summit sold 105m secondary shares, or a 4.8% stake in Robina, even though it had originally planned to only sell 84.5m shares.

However, keen investor interest, in particular from US long-only accounts, convinced JS Summit to exercise part of a 28.5m shares upsize option. As a result ...

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