MANILA, Philippines - Gokongwei-led JG Summit Holdings Inc. said Friday it raised $125 million via private placement of 125 million existing shares.

In a disclosure to the Philippine Stock Exchange, the company said the shares were sold by its affiliates at P25 per share. The value represents a 12% discount on the company's closing price of P28.50 Thursday.

JG Summit said the placement was upsized from the initial $75 million due to strong global investor demand.

"The transaction was done in order to widen the shareholder base of the company, and as a response to strong demand for the company's stock," it added.

UBS AG was sole bookrunner for the transaction.