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.

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 range.

The block trade is the fourth follow-on offering in the region in less than a month, a purple patch that stands in contrast to the slow market conditions of the previous...

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