JG Summit Holdings Inc. founder John Gokongwei Jr. has disposed P11.7 billion worth of his personal shares in his flagship via overseas transaction on Thursday, which pushed the Philippine Stock Exchange index (PSEi) sharply down after three days of gains.
In a disclosure to the Philippine Stock Exchange, JG Summit said its founder and chairman emeritus Gokongwei sold 142.5 million of the company’s shares at P82.10 a share, about 1.99 percent of outstanding shares.
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