JG Summit founder raises $250m from share sale

John Gokongwei is trimming his direct stake in the Filipino conglomerate as he gradually retires from the business.

JG Summit founder raises $250m from share sale

The founder of Philippine conglomerate JG Summit raised $250 million by selling some of his shares after the market closed on Wednesday, adding to the spring's late bloom of Southeast Asian equity offerings.

John Gokongwei, the second-richest person in the Philippines, offered roughly 60% of his direct share holding in JG Summit for sale and met with such strong demand that the deal was increased, albeit at the lower end of the indicative price...

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