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Gotianuns to increase equity interest in Filinvest

    Published : Tuesday, July 26, 2011 00:00
    Written by : KRISTA ANGELA M. MONTEALEGRE [ manilatimes.net]

THE private holding firm of the Gotianun family raised its stake in Filinvest Development Corp. (FBC).
 
In a disclosure to the Philippine Stock Exchange, FDC said it entered into a subscription agreement with majority shareholder ALG Holdings Corp., issuing 49.80 million common shares out of the listed company’s unissued capital stock.

The transaction would be based on the stock’s closing price of P5.00 per share for a total of P249 million, payable on or before July 26.

At end-June, ALG owned 6.86 billion shares equivalent to 91.32-percent of FDC.

FDC had put off a secondary share sale scheduled for January because of volatile market conditions.

The company said it would still pursue its follow-on offering in tranches so it could comply with the 10-percent minimum public ownership requirement of the Philippine Stock Exchange. The follow-on offering intends to raise the company’s public float to 30 percent from the current 6 percent.

FDC shares lost P0.05 to close at P4.95 each on Monday.
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