abs-cbnNEWS.com
MANILA - Alphaland Development Inc., a company controlled by London-based Ashmore Group and former trade minister Roberto Ongpin, is eyeing to conduct backdoor listing at the Philippine Stock Exchange (PSE) via a share swap with Macondray Plastics Inc.
Macondray told the PSE that its board approved a share-for-share swap agreement with Alphaland and all the latter's existing shareholders.
Alphaland is 60%-owned by Philippine companies controlled by Ongpin, and 40% by Alphaland Holdings ( Singapore ) Pte. Ltd., a subsidiary of the Ashmore Group.
"The backdoor listing will be through the exchange for new shares of the company arising from the proposed increase in the company's authorized capital stock to P5 billion from P400 million," Macondray said.
The exchange will be one Alphaland share for every 5.08 new shares of Macondray.
The PSE has implemented Thursday a trading suspension on Macondray shares pending submission of a comprehensive disclosure about the transaction.
From only P3 last October 12, the share price of Macondray jumped 6 times to P21 on Wednesday after the group of Ongpin announced that it entered into a deal to take over a controlling stake in the plastic manufacturing firm. Read More...
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