Emperador to sell shares worth P16B to P21B
MANILA - Philippine liquor company Emperador Distillers Inc, formerly Touch Solutions Inc, will sell shares to the public to raise P16 billion to P21 billion ($367 million to 481 million, with final pricing of the offer expected on Sept. 19, IFR reported on Tuesday.
Conglomerate Alliance Global Inc injected its spirits subsidiary Emperador Distillers into recently acquired Touch Solutions. A total of 1.8 billion shares will be sold at an indicative price range of P8.96 to P11.74, representing a 2014 P/E of 19.1–25.0, said IFR, a unit of Thomson Reuters.
The shares to be sold represent 12 percent of the company’s equity capital.
Macquarie Capital is sole global coordinator on the sale. Most of the funds from the sale will be invested back into the company. There is a lock-up of 180 days on the vendor.
Emperador is one of Philippines' largest makers of spirits, with first-half 2013 revenue of P13.86 billion, accounting for 39 percent of Alliance Global's net income for the period.
Alliance Global's other interests include property development under Megaworld Corp, and entertainment/casino development under Travellers group. The conglomerate's current paid-up capital stands at $6 billion.