JG Summit Holdings Inc. grew its core net profit last year by 59.6 percent to P13.53 billion, aided by stable earnings from core operating units, treasury gains as well as dividends from its newly acquired interest in local telecom giant Philippine Long Distance Telephone Co.
Gokongwei-led conglomerate JG Summit Holdings has returned to the overseas bond market with a landmark $750-million offshore bond issue, the largest overseas corporate bond deal out of the Philippines.
Amid raging bribery allegations, the Okada group has struck a deal with the Gokongwei group on a Philippine gaming and real estate partnership in the government’s upcoming gaming hub Pagcor City.
The Gokongweis sold P3.2 billion worth of shares in JG Summit Holdings to diversify its investor base and meet strong market demand.
JG Summit Holdings, the conglomerate led by John Gokongwei, is seen back in the limelight as a beneficiary of the Philippines’ strong consumption story and budding gaming and tourism sectors, research powerhouse CLSA Asia-Pacific said.
The local stock market ended a four-day slump on Thursday as investors took heart from an improved global risk appetite.
The Gokongwei group has sold to overseas investors $125 million worth of shares in JG Summit Holdings Inc. equivalent to around 3 percent of its outstanding stock, in an equity placement deal meant to boost the holding firm’s stock trading liquidity.
Minority shareholders in Digitel Telecommunications Philippines Inc. are being given more time to tender their shares to the company’s new controlling group, Philippine Long Distance Telephone Co. (PLDT), a disclosure read Friday.
