Business

Puregold raises P4.7B in overnight share deal

Lucio Co’s Puregold Price Club Inc. raised P4.69 billion from the sale of new shares via a private placement Wednesday night.

Lucio Co’s Puregold Price Club Inc. raised P4.69 billion from the sale of new shares via a private placement Wednesday night.

Puregold placed out 104 million common shares at P45.00 per share via a top-up offering, wherein the controlling shareholder (Co) lent secondary shares to new investors and subscribed to the same number of shares and issue price.

The placement price is equivalent to a 6.8% discount from Puregold’s Jan. 16 closing price of P48.30. Deutsche Bank AG arranged the deal.

The shares represent 3.8 percent of the warehouse membership club’s total issued and outstanding stock.

Proceeds from the offering will be used for general corporate purposes, capital expenditures, and potential acquisitions.

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