Filinvest postpones follow-on share sale

The Philippine conglomerate says the proposed offer price didn't reflect the true value of the company. Meanwhile, India's Tata Steel fixes the price of its follow-on at the top of the range to raise $766 million.

It was a busy week in Asia's capital markets last week with three convertibles, one exchangeable and numerous follow-ons and blocks. But, in a clear sign that price is still an issue, both for investors and issuers, Filinvest Development Corp on Friday announced that it was postponing its follow-on offering, which had been due to price after the close of US trading last Wednesday.

The Philippine conglomerate, which is owned by the Gotianun family and has interests in property development,...

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