MANILA: Khazanah Nasional Bhd and global private investment firm TPG have agreed to buy US$132 million (RM428 million) worth of shares in 8990 Holdings Inc, the Philippine mass housing developer said yesterday.

Khazanah and TPG have committed to subscribing to about two-thirds of 8990 Holdings’ follow-on equity offering that raised nine billion pesos (RM665.5 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% of the Philippine firm’s equity, according to Reuters’ computations.

The transaction, priced at 6.5 pesos per share, saw strong demand from global investors, 8990 Holdings said. The offer price represents a 6% discount to the stock’s closing price of 6.92 pesos on Tuesday.

Shares in 8990 Holdings, with a market value of US$737 million, fell as much as 4.6% yesterday. Manila’s main index was up less than 1%.

UBS was the sole global coordinator and bookrunner for the offer and was also the domestic underwriter, along with SB Capital Investments Corp.


This article first appeared in The Edge Financial Daily, on May 15, 2014.

 

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