THE PO family has placed out P2.6 billion worth of shares equivalent to a 5 percent stake in Century Pacific Food Inc. (CNPF), boosting the trading liquidity of the Philippines’ largest canned food company.
In a disclosure to the Philippine Stock Exchange on Friday, CNPF said its parent company, Century Pacific Group Inc. (CPGI) agreed to sell 118 million shares of CNPF at a price of P22 per share.
The sale was conducted via an accelerated overnight equity placement, through the facilities
of the Philippine Stock Exchange, and is slated for settlement on July 13.
“The transaction was conducted to broaden CNPF’s shareholder base and is in response to
demand from global institutional investors for additional shares and improved trading
liquidity,” the company said.
The transaction effectively increased CNPF’s public float from 16 percent to 21 percent.
The placement price of P22 per share is equivalent to a 4 percent discount from CNPF’s 10-
day volume weighted average price of P22.87 per share and a 1 percent discount from its 30-
day volume weighted average price of P22.28.
“CNPF shares sold during the placement were all owned by CPGI and will not dilute the
shareholdings of CNPF’s existing public investors as of the date of the placement,” the disclosure said.
After the placement, CPGI will remain as the largest shareholder of CNPF with a 69 percent stake
in the company.
CLSA Ltd. and Deutsche Bank AG acted as the placing agents for the transaction.