Alliance CEO nets $181m via stake sale

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By Rashmi Kumar
17 Jul 2014

The chairman and chief executive of the Philippines' Alliance Global Group, Andrew Tan, raised Ps7.87bn ($181.4m) on July 10 by selling a 2.7% stake in the company.

UBS was the sole placing agent and was first approached by an asset manager who was looking to buy into Alliance. When the bank approached Tan with the offer, he initially declined to sell his shares, according to a banker.

But on second thoughts Tan decided to offload ...

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