MANILA: Philippine conglomerate GT Capital Holdings Inc has launched a secondary share issue to raise up to $227 million, IFR reported on Monday.
Grand Titan Capital Holdings, its current majority owner, will be selling up to 8.7 million shares in the company at a range of 1,120 to 1,150 pesos apiece, said IFR, a Thomson Reuters unit. At the top end of the price, the sale could raise as much as 10 billion pesos ($227 million).
GT Capital President Carmelo Maria Luza Bautista confirmed the share offer, which he said was meant to fund a programmed rights issue of the company's banking arm Metropolitan Bank & Trust Co.
"It's a secondary share sale from the Ty family," he said referring the business clan-owner of GT Capital.
The indicative price range is equivalent to a discount of 2.5 percent to 5.1 percent to GT Capital's Feb. 2 close of 1,180 pesos.
Goldman Sachs is the sole bookrunner and First Metro Investments Corp is the local lead manager of the share issue, IFR said.
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