Puregold share sale nets $155 million for controlling family

Strong demand boosts the deal size, and the transaction helps restore the free-float of the Philippine supermarket chain.

Puregold share sale nets $155 million for controlling family
Stephen CuUnjieng of Evercore Partners (left) with the Co family: Susan, Lucio and Ferdinand Vincent, at the FinanceAsia awards eaerlier this year, where Puregold won best mid-cap equity deal

Controlling shareholders in Puregold Price Club have raised Ps6.5 billion $155 million through a share sale in the Philippines supermarket chain. The book opened after trading hours on Wednesday and closed later that night, a source said yesterday.

The selling shareholders were Lucio Co, the company’s chairman, and Susan Co, the vice-chairman. The strong demand encouraged them to increase the deal size to 250 million shares, up from the 220 million they had originally planned,...

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