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Malaysia's Khazanah, TPG buy into Philippines' 8990 for $165.3m

Published on May 14, 2014 12:27 PM

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.

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