Century Pacific Food, Inc. (CNPF), the Philippines’ largest canned food company, announces that its parent company, Century Pacific Group, Inc (CPGI), conducted a Php2.6 billion secondary equity placement at a price of Php22.00 per share.
The transaction was conducted to broaden CNPF’s shareholder base and is in response to demand from global institutional investors for additional shares and improved trading liquidity.
The sale shares represent approximately 5% of CNPF’s total issued and outstanding stock, effectively increasing its public free float from 16% to 21%.
The deal was done via an overnight book built offering with CPGI as the sole selling shareholder.
The placement price of Php22.00 per share is equivalent to a 4% discount from CNPF’s 10-day volume weighted average price of Php22.87 per share and a 1% discount from its 30-day volume weighted average price of Php22.28.
CNPF shares sold during the placement were all owned by CPGI and will not dilute the shareholdings of CNPF’s existing public investors as of the date of the placement.
After the placement, CPGI will remain as the largest shareholder of CNPF with a 69% stake in the company.
CLSA Limited and Deutsche Bank AG acted as the placing agents for the transaction.