Gokongwei sells $250M JG Summit shares

TYCOON John Gokongwei Jr. has raised $250 million from the sale of shares in conglomerate JG Summit Holdings, the first equity equity deal carved out of the Philippines after the recent presidential elections.

JG Summit told the Philippine Stock Exchange on Thursday that Gokongwei – company founder and currently the chair emeritus and director – had sold 142.5 million of his JG Summit shares at P82.10 for a total sum of P11.7 billion.

Apart from raising funds for Gokongwei, the equity deal – which represents close to 2 percent of JG Summit’s outstanding stock – widens JG Summit’s public float.

This deal leaves Gokongwei with about a little over 58 million shares or about 0.8 percent stake in JG Summit, which is into snackfood and beverage manufacturing, airline, petrochemicals, property and banking businesses.