Century Pacific Group (CPG) has completed a private placement, selling P2.8 billion worth of shares in Century Pacific Food (CNPF), a company owned by the Po brothers.
CNPF, in a filing with the stock exchange, announced that CPG, its majority shareholder, sold 114 million common shares at a price of P24.60 per share. The placement was oversubscribed, and it attracted participation from high-quality long-only international and domestic institutional investors.
The shares were priced at a 5.2 percent discount to the last closing price.
The transaction is expected to increase CNPF’s public float from 31 percent to 34 percent, which will enhance trading liquidity and facilitate greater investor involvement in the stock.
CNPF said this development would improve its market dynamics and increase opportunities for investor participation.
CPG’s chairman, Christopher Po, expressed the company’s strategy of deploying the proceeds across various investments at the holding company level.
Despite the share sale, CPG will retain a majority stake in CNPF, with 66 percent ownership.
Po emphasized that there are no plans for further sales of CNPF shares by CPG in the near future, underscoring their commitment to supporting CNPF’s long-term prospects.
UBS AG, Singapore Branch acted as the sole placement agent for the transaction, overseeing the successful execution of the private placement.