JG Summit generates P8.8B from share offer

Via an overnight equity sale, conglomerate JG Summit Holdings Inc. was able to raise P8.8 billion, which will be used to fund its acquisition of Manila Electric Co. (Meralco) shares.

JG Summit told the local bourse on Tuesday that 220 million of its shares were sold via an accelerated overnight equity placement. The equity sale was priced at P40 a share through a placement of 98.1 million treasury shares, and an additional placement of 121.9 million common shares from selling shareholders. From the placement, the group raised a total of P8.8 billion.