Shareholders of Philippine distiller Tanduay Holdings have approved a plan for the company to sell up to 3 billion shares, which could help it to raise more than $800 million.
All the shares will come from Tangent Holdings, the majority shareholder, and will be sold to investors by way of a follow-on offering. Pricing will be determined through a bookbuilding exercise, Tanduay said in a statement filed to the Philippine Stock Exchange yesterday.
Tangent will then use the proceeds of the placement to subscribe to the same number of new shares in the company at an issue price equivalent to the placing price, according to the statement....
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