tobacco

The Philippine conglomerate’s follow-on attracts 11 cornerstone investors, which have committed about 63% of the base size.

Following a restructuring, the Lucio Tan-controlled conglomerate that was formerly known as Tanduay Holdings has operations in the tobacco, beverage, banking and property sectors.

A surprisingly large number of investors submit orders as an undisclosed institutional investor sells $63 million of stock in Indonesia's Gudang Garam.

The stock is up 16% this year and has more than doubled since August as consolidation within the tobacco industry drives demand for flavouring products.

Speculation that the seller of the $460 million block was Carl Icahn contributed to the share price falling below the placement price in the wake of the transaction.

In a sign of returning market confidence, Huabao completes largest Hong Kong placement since the market correction in May to maintain free-float requirement after backdoor listing.