MANILA May 14 Malaysia's state investor
Khazanah Nasional Bhd and global private investment
firm TPG have agreed to buy $132 million worth of
shares in 8990 Holdings Inc, the Philippine mass
housing developer said on Wednesday.
Khazanah and TPG have committed to subscribe to about
two-thirds of 8990 Holdings' follow-on equity offering that
raised 9 billion pesos ($204 million), the Philippine firm said
in a stock exchange filing.
The shares bought by the two institutional investors,
amounting to over 5.8 billion pesos, are equivalent to around 20
percent of the Philippine firm's equity, according to Reuters'
The transaction, priced at 6.50 pesos per share, saw strong
demand from global investors, 8990 Holdings said. The offer
price represents a 6 percent discount to the stock's closing
price of 6.92 pesos on Tuesday.
Shares of 8990 Holdings, with a market value of $737
million, fell as much as 4.6 percent on Wednesday. Manila's main
index was up less than 1 percent.
UBS was sole global coordinator and bookrunner for the offer
and was also domestic underwriter, along with SB Capital
Click on (link.reuters.com/qep39v) to view 8990
Holdings' full statement.
($1 = 43.83 Philippine Pesos)
(Reporting by Erik dela Cruz; Editing by Miral Fahmy)