The Gokongwei group sold a $125 million stake in its flagship Philippines conglomerate JG Summit on Thursday night. The deal follows on the heels of a similar placement in Petron just a few weeks ago, as the country’s stock market continues to show solid performance.
The main stock index in the Philippines has gained more than 8% so far this year on top of a 4% rise last year. By contrast, Hong Kong is up nearly 13% to date, but only after losing about 20% in 2011.
Affiliates of JG Summit as well as CEO John Go sold 215 million shares in the company at a fixed...
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