JG Summit sells Universal Robina shares to pay for San Miguel-held Meralco stocks

JG Summit Holdings Inc. made P12 billion from the sale of 105 million shares in food manufacturing unit, Universal Robina Corp., saying it will use the money to partly fund acquisition of 27 percent interest in Manila Electric Co.
 
In a disclosure Friday to the Philippine Stock Exchange, the Gokongwei-led conglomerate noted it sold 105 million Universal Robina shares at P115 per share or a 6.5 percent discount in an overnight placement. The stock closed at P123 apiece Thursday.
 
The transaction diluted the JG Summit equity stake in Universal Robin by 4.81 percent to 55.7 percent, the conglomerate said.
 
Proceeds from the share sale will partly fund the acquisition of Meralco shares from San Miguel Corp., Bach Johanh M. Sebastian, JG Summit senior vice president for Finance, noted in a text message to reporters. – VS, GMA News