MANILA (Reuters) - Malaysia's state investor Khazanah Nasional Bhd and global private investment firm TPG have agreed to buy US$132 million (S$165.3 million) worth of shares in 8990 Holdings, the Philippine mass housing developer said on Wednesday.
Khazanah and TPG have committed to subscribe to about two-thirds of 8990 Holdings' follow-on equity offering that raised 9 billion pesos (S$257.5 million), the Philippine firm said in a stock exchange filing.
The shares bought by the two institutional investors, amounting to over 5.8 billion pesos, are equivalent to around 20 per cent of the Philippine firm's equity, according to Reuters'computations.
The transaction, priced at 6.50 pesos per share, saw strong demand from global investors, 8990 Holdings said. The offer price represents a 6 per cent discount to the stock's closing price of 6.92 pesos on Tuesday.
Shares of 8990 Holdings, with a market value of US$737 million, fell as much as 4.6 per cent on Wednesday. Manila's main index was up less than 1 per cent.
UBS was sole global coordinator and bookrunner for the offer and was also domestic underwriter, along with SB Capital Investments Corp.