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Alliance Global raises P6B from sale of treasury shares

[ Malaya.com.ph ] April 6, 2011

Alliance Global Group Inc. yesterday said it earned P6.14 billion from the sale of 550.1 million treasury shares.
The proceeds will be used for capital expenditure to expand the company’s integrated tourism-related portfolio, as well as other general corporate purposes, the Andrew Tan-led company said.

The deal was lumped with a 321.9 million secondary share sale of Alliance Global held by its unit Megaworld, which raised the total share offer to P9.73 billion.

"The deal was upsized from approximately P6.14 billion to approximately P9.73 billion at a share price of P11.16 per share. The offer price translates into a discount of 7 percent to the last closing price of P12 per share and was extremely well received by global institutional investors." Alliance Global said.

Investment bank UBS acted as sole bookrunner for the transaction. Megaworld declined to reveal its proposed use of the sale proceeds.
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