Canned food producer Century Pacific Food Inc. said Friday its parent company sold P2.6 billion worth of shares through an overnight placement, boosting its public float to 21 percent.
Century Pacific said in a disclosure to the stock exchange parent Century Pacific Group Inc. sold 118 million shares in the company for P22 apiece.
The placement price of P22 per share is equivalent to a four percent discount from the stock’s 10-day volume weighted average price of P22.87 apiece and a one percent discount from its 30- day volume weighted average price of P22.28.
“The transaction was conducted to broaden CNPF’s shareholder base and is in response to demand from global institutional investors for additional shares and improved trading liquidity,” the company told the stock exchange.
Century Pacific shares sold during the placement were all owned by CPGI and will not dilute the shareholdings of the company’s existing public investors as of the date of the placement.