MANILA: Philippine food-to-property firm Alliance Global Group Inc said on Tuesday it had raised 9.73 billion pesos ($224 million) from a share placement, which will be used to fund expansion and operations.
The offer was increased from an original plan to raise 6.14 billion pesos, and the company said in a stock exchange filing that the offer were well received by global investors.
Alliance Global said it sold 550.1 million of its Treasury shares as well as 321.9 million secondary shares, the entire holdings of its Mega-world Corp unit.
The shares were sold at 11.16 pesos per share, a discount of 7 percent to the stock's closing price on Monday.
Alliance Global shares ended down 6 percent at 11.28 pesos following the deal, their lowest close since late January, while the broader market fell 1 percent.
Part of the proceeds from the share sale will be used to fund tourism-related projects, the company said.
UBS was as the sole book-runner.
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