2 firms sell off chunks of CHI shares

Global Asset management group Aberdeen has trimmed its stake in property developer Cebu Holdings Inc., selling about P193.75 million worth of shares in March, just as the company’s shares were on the rise.

In a regulatory filing, Singapore-based Aberdeen Asset Management Asia Ltd. said it had sold 31.5 million indirect shares in CHI in three tranches at prices ranging between P6 to P6.8 a share. The buyer of the shares was not disclosed.

Even with the sale, Aberdeen is still left with an 11.6-percent interest in CHI equivalent to about 222.84 million shares.

Based on Friday’s closing price of P6.99 a share, CHI had a market capitalization of about P13.4 billion.

Another minority investor in CHI, First Metro Investment Corp., also sold some shares in March. Based on a regulatory filing, FMIC said it bought and sold shares during the month.

FMIC was a net seller of 1.89 million shares at a price range of P5.9 and P7.42 per share. It is left with about 11.52 percent or 221.2 million shares in CHI.

CHI, which is 47-percent owned by Ayala Land Inc., is engaged in real estate development in Cebu.