The Philippine unit of insurance giant AIA Group has liquidated its stake in Phinma, the diversified holding firm led by the family of former Finance Secretary Ramon “Boy Blue” del Rosario.
In a block sale on 18 September 2020, Philam Life sold 282.238 million Phinma (Philippine Investment Management) shares at P11 each or a total value of P310.621 million.
The shares accounted for 10 percent of Phinma’s total outstanding shares.
The shares were bought by Phinma’s parent, Phinma Inc., which increased its stake to 60.83 percent from 50.47 percent.
Phinma has investments in education, steel products, housing, business process outsourcing and energy.