Cosco Capital, the newly created holding company for a group of assets controlled by Philippine businessman Lucio Co including a 51% stake in listed supermarket chain Puregold Price Club, has raised Ps16.8 billion $397 million from a combined follow-on and sell-down.
The deal, which was completed as stock markets across the region had another tough day yesterday, will ensure that Cosco retains a free-float of close to 30% following the simultaneous injection of four new assets into the company.
It also gave international investors their first real chance to buy into the company since details of the restructuring was announced in November last year. At that time...
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