The Philippine stock market finished Thursday’s trade lower, dragged by the steep dive in JG Summit Holdings Inc which was triggered by the company’s highly discounted top-up placement of shares to raise funds, although no particular allotments have been determined.

The Gokongwei-led conglomerate has raised P8.9 billion from an overnight top-up shares placement, selling 145.65 million common shares at P61 per share. The price reflects a 12.7 percent discount from the stock’s last traded price.

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