JG Summit subsidiary sells 100M shares in P3.2-B placement

Subsidiary Express Holdings Inc. sold P3.2 billion worth of shares of parent JG Summit Holdings Inc. in an overnight placement, largely to meet demand from investors and widen the conglomerate’s shareholder base.   Express Holdings sold 100 million shares at P32 apiece, JG Summit noted in a disclosure to the Philippine Stock Exchange on Wednesday.   “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 corporate secretary Rosalinda Rivera wrote in the disclosure.   Switzerland-based UBS AG was the sole bookrunner for the transaction.   JG Summit is the parent of a group of companies, primarily engaged in manufacturing branded consumer foods and agro-industrial and commodity food products, as well as in property development and hotel management, telecommunications, air transportation, petrochemicals, and international capital and financial services.   JG Summit has a market capitalization of P233.823 billion and a 29.79 percent public float level. — Marc Cayabyab/VS, GMA News