Ultra bilyonaryo Lance Gokongwei has disposed a chunk of JG Summit’s stake in Manila Electric Co. (MER).
Gokongwei raised P12.384 billion from the sale of JG’s 36 million shares in MER for P344 or six percent discount to its closing price of P366 the previous day, July 28.
Gokongwei tapped UBS AG Singapore to handle the private placement.
The overnight block trade of is 10.8 percent of JG’s 333.19 million shares in MER. JG’s stake will go down from 29.5 percent to 26.3 percent.
Analysts expect the sale to generate a windfall of P3 billion for JG which booked its shares in MER at P244 per share as of March 2022.
JG originally bought a 27 percent stake in MER from San Miguel Corp. for P72 billion in 2013.