JG Summit intends to sell over 2B common shares

Gokongwei-owned JG Summit Holdings Inc. is planning to raise as much as P50 billion via the sale of 2.087 billion common shares, the company said Friday. Bach Johann M. Sebastian, SVP for corporate planning, said in a statement that the proceeds from the fund raising will be used to pay the company's existing debts and fund its capital expenditure program for existing projects. JG Summit president and COO Lance Gokongwei had earlier said that the conglomerate is also interested in participating in the Aquino administration's public-private partnership initiative. It intends to build airport terminals, roads, and power plants. JG Summit is one the highly-diversified conglomerates in the country with investments in air transportation, food manufacturing, real estate, financial services, petrochemical, and telecommunications. — JE/OMG, GMANews.TV