conglomerate

The deal comes on the back of a strong rebound in the share price and is increased by 50% after attracting solid demand.

About a year after San Miguel invested in the airline, Tan’s group is approached by investors to sell its 51% holding.

The conglomerate’s re-IPO attracts strong demand from global investors, allowing the price to be fixed at the top of the range.

The Philippine conglomerate’s follow-on attracts 11 cornerstone investors, which have committed about 63% of the base size.

Following a restructuring, the Lucio Tan-controlled conglomerate that was formerly known as Tanduay Holdings has operations in the tobacco, beverage, banking and property sectors.

The deal raises $116 million after decent demand allows the price to be fixed above the mid-point. But the discount to the latest close is still 7.1% and the Korean conglomerate has fallen almost 25% this year.

The company's exposure to China real estate and the large deal size help to counter the fairly aggressive terms, particularly for outright investors.

Philippine conglomerate GT Capital and its controlling shareholder sell $350 million worth of shares, while a Temasek-controlled entity raises $685 million from its third sell-down in Thailand’s Shin Corp.

The parent raises $131 million and could lift the free-float of the Philippine food company to 15% from less than 1% to meet the stock exchange’s public ownership requirement.