Lucio Tan’s LT Group Seeks Up to $794 Million in Share Sale
LT Group Inc. (LTG), the company controlled by Philippine billionaire Lucio Tan, plans to raise as much as 32.8 billion pesos ($794 million) in a share sale that could be the nation’s largest in nearly a year.
LT Group is offering 1.6 billion shares at between 18 pesos and 20.5 pesos each, according to a term sheet obtained by Bloomberg News. Shares of LT Group rose as much as 7.1 percent today, before closing up 6.5 percent at a record 19.48 pesos, in Manila trading today.
The company has already lined up so-called cornerstone investors for about 1 billion of the shares being sold, and the offering may be enlarged by another 240 million shares, the term sheet shows. The price for the share sale is expected to be set on April 17, and UBS AG is managing the sale, the document shows.
LT Group President Michael Tan didn’t reply to calls seeking comment on the plan. The Philippine Daily Inquirer earlier reported that the group may seek up to $800 million in the sale.
Companies have raised about $4.4 billion selling shares in the Philippines over the last twelve months, data compiled by Bloomberg show. LT Group’s may be the largest since BDO Unibank Inc. (BDO) raised about $1 billion in a rights offering last June.
Lucio Tan’s investments include stakes in Philippine National Bank and the nation’s second-largest brewer Asia Brewery Inc. The 78-year-old tycoon is consolidating its assets under LT Group, formerly Tanduay Holdings Inc.
LT Group in March said profit last year rose 29 percent to 7.51 billion pesos. Its shares have risen 43.5 percent so far this year.
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