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Gotianun family consolidates control over Filinvest

Published : Tuesday, August 09, 2011 00:00 [ manilatimes.net ]
Written by : KRISTA ANGELA M. MONTEALEGRE

The private holding firm of the Gotianun family has consolidated its ownership of Filinvest Development Corp.

In a disclosure to the Philippine Stock Exchange, FDC said majority shareholder ALG Holdings Corp. bought 161.3 million more FDC shares from related entities through a cross-sale transaction.

Based on a market price of P4.70 each, the transaction was worth P758.11 million.

The consolidation would make it more convenient for ALG Holdings to sell shares when FDC decides to pursue its follow-on offering, Adrian Bancoro, the listed firm’s chief information officer, said in an interview.

ALG Holdings owned 91.68 percent of FDC prior to the transaction.

FDC had put off a secondary share sale 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 local bourse. The follow-on offering intends to raise the company’s public float to 30 percent from the current 6 percent.

FDC shares were unchanged at P4.70 each on Monday.
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