Po family sells 5% stake in CNPF
P2.6 billion worth of shares were placed out by the Po family, equivalent to a 5 percent stake in Century Pacific Food Inc. (CNPF), increasing the trading liquidity of the Philippines’ biggest canned food company, Inquirer reported.
In a disclosure to the Philippine Stock Exchange on Friday, July 8, CNPF said that Century Pacific Group Inc. (CPGI), its parent company, decided to sell 118 million shares of CNPF at a price of P22 per share.
The sale of shares was conducted through an accelerated overnight equity placement, over the facilities of the PSE, and is set to be done for settlement on Wednesday, July 13, and was carried out by placing agents Deutsche Bank AG and CLSA Ltd.
“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,” CNPF said.
The deal amplified CNPF’s public float from 16% to 21%.
The placement price of P22 per share corresponds to a 4% discount from CNPF’s 10-day volume weighted average price of P22.87 per share and a 1% discount from its 30-day volume weighted average price of P22.28, Inquirer reported.
“CNPF shares sold during the placement were all owned by CPGI and will not dilute the shareholdings of CNPF’s existing public investors as of the date of the placement,” the company said.
Following the placement, CPGI will continue to be the largest shareholder of CNPF with a 69% ownership in the company.