gokongwei

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

The Philippines' URC, run by Lance Gokongwei, is buying the New Zealand-based biscuit maker for about US$609 million.

The conglomerate hits the market as its stock is about to go into the MSCI Philippines index, prompting a number of passive index funds to buy into the deal.

The Gokongwei family’s retail arm fixes price at low end of the range but raises $621 million in the country’s largest new listing in US dollar terms.

The Philippine casino operator fixes the price above the mid-point, while Robinsons Retail starts the bookbuilding for a $706 million offering.

The $194 million deal is 2.2 times covered with US investors taking up 44% of the shares.

The Philippines property developer will issue $100 million worth of new shares as part of a $225 million deal, with proceeds going towards the opening of nine new malls by 2008.