Puregold share sale

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.
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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
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<div style="text-align: left;"> 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 </div>

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, the source said. The increased offering size accounted for about 9% of the company’s outstanding shares, based on data on the Philippine stock exchange’s website.

The Co family fixed the price at...

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