GT Capital raises $222m in block

Demand for the Philippine conglomerate was solid, with investors keen on the country's consumer story amid falling oil prices.
Philippine stocks have been boosted by plunging oil prices
Philippine stocks have been boosted by plunging oil prices

Philippine conglomerate GT Capital's controlling shareholder raised P9.8 billion $222 million from an accelerated share sale on Monday night, taking advantage of rallying domestic markets to launch the placement.

Grand Titan Capital, which is controlled by the family of banking and automobile tycoon George SK Ty, sought to offload 8.715 million shares and raise up to $220 million in the placement under the sole lead of Goldman Sachs.

The shares were on offer between P1,120 and P1,150 per unit, representing a 2.54% to 5.08% discount to the February 2 closing price of P1,180 per share, according to a term sheet seen by FinanceAsia....

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