JG Summit slides after share sale
JG SUMMIT Holdings, Inc. pulled down the bellwether Philippine Stock Exchange index (PSEi) on Thursday after its founder dumped shares worth P11.7 billion at a discounted price.
The conglomerate told the stock exchange on Thursday its Director and Chairman John L. Gokongwei, Jr. sold 142,500,000 shares — about 1.99% of outstanding shares.
The shares were sold for P82.10 each, about 10% below the P91.20 close on Wednesday. After the block sale, JG Summit dropped P8.80 or 9.65% to P82.40 on Thursday.
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