Aboitiz stocks wiped out their gains in the last two weeks after bilyonaryo Sabin Aboitiz disclosed that his family was selling a 25 percent stake in its power firm for P53 billion.
Aboitiz Equity Ventures was the day’s second worst loser as it cratered 10.55 percent to P47.50 while Aboitiz Power nosedived 9.65 percent to P30.90.
Both stocks surged to a 52-week high since September 15 with AEV jumping 21 percent and AP gaining 16 percent during the period.
AEV will still retain 55 percent of AP after selling the 25 percent stake to JERA Asia, a wholly-owned subsidiary of the Japanese power giant which accounts for 30 percent of its home market.
JERA, through its affiliate, TPEC Holdings, is a 50-50 partner of Aboitiz in Pagbilao Energy runs a 400-megawatt coal-fired power plant in Quezon.
JERA bought AP shares at P40.10 per share or 17 percent above its closing price of P34.20 on September 27.