Investors were reasonably keen on the UBS-led deal which was aimed at increasing the free-float to about 40% from 7% to make the developer more attractive and accessible to international investors. The real estate unit of Gokongwei-led JG Summit Holdings hopes that the transaction will help to reduce what it views as an excessive valuation discount in relation to its peers. A hope that was also instrumental in attracting hedge funds to the deal.
Universal Robina, a producer of consumer...
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