Emperador is looking to extend the deadline for the issuance of shares to Arran Investment Pte. Ltd., an affiliate of Singapore wealth fund GIC Private Ltd.
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Last December, Arran decided to convert its remaining P3.44 billion equity-linked securities in EMP into 475 million common shares.
Andrew Tan’s Emperador is all set to list on Singapore bourse on July 14
In response to the Philippine Stock Exchange’s query, EMP said it has yet to issue the common shares to Arran.
“Please be advised that the company has not issued the tranche 2 conversion shares to Arran on 14 July 2022 despite the secondary listing of the company on the SGX-ST (Singapore Stock Exchange) because the conditions for which the issuance is premised did not transpire,” EMP said in a regulatory filing.
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EMP said it has until 12 August 2022 to issue the tranche 2 conversion shares although the “parties are working towards extending this timeline.”
Arran approved the conversion ahead of EMP’s plan to to list on the SGX.