LT Group begins share sale roadshow, seeks $800M

Conglomerate LT Group Inc. has begun an international roadshow for an equity sale to raise up to P32.8 billion ($800 million), one of the first such launches since the country won an investment grade rating last month from Fitch Ratings. The share sale, which was flagged by the company in September, comes amid growing interest in the Philippines as an investment destination and will fund further investments in LT Group's banking, tobacco, property and airline businesses. The firm, owned by Lucio Tan who is the country's second richest man, said it would offer up to 1.6 billion shares, including an over-allotment option of 15 percent of the issue or up to 240 million shares. It set a tentative price range of P18 to P20.50 per share, with the final price to be set after the roadshow. Cornerstone investors have been lined up for about 1 billion of the shares, the company said. The deal is being managed by UBS AG. LT Group, formerly known as Tanduay Holdings Inc., is a holding company with interests in Philippine National Bank , Eton Properties Philippines Inc., Philippine Airlines, and Tan's unlisted firms Fortune Tobacco Corp. and Asia Brewery Inc. The Philippines first-ever investment grade rating from Fitch was a vote of confidence in the government's efforts to achieve fiscal sustainability, curb corruption and increase infrastructure spending. — Reuters