The elder Tan, 78, is the second wealthiest man in the country, based on the latest roster drawn up by Forbes Magazine. He ranked 248th globally this year’s list with an estimated net worth of $5 billion and also improved his global ranking from 314th previously. But apart from his investments in the Philippines, Tan has vast investments in mainland China, Papua New Guinea and Guam, among other offshore markets.
The deal was structured as a top-up offering, whereby LTG’s principal shareholder Tangent Holdings lent secondary shares to facilitate a quick equity deal.
This was also the first equity deal that capitalized on the first Philippine sovereign investment grade rating issued by Fitch Ratings before the Lenten break.
“The transaction was already oversubscribed even before the roadshow. There were 11 world-class long-term cornerstone investors that committed to subscribe to one billion shares before the official bookbuild – the first time such a process was ever done in the Philippines,†Baja said. “The deal was seven times oversubscribed excluding the cornerstone tranche.â€
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