Anglo to get P4.25-B fresh capital

MANILA, Philippines - The Ramos family’s investment firm Anglo Philippine Holdings Corp. is beefing up its capitalization as it prepares to pay debts and fund expansion programs.

Alakor Corp., also controlled by the Ramos family, and other affiliated firms are infusing as much as P4.25 billion in capital to the holding firm to pursue various property projects.

In a regulatory filing, the company’s board of directors allowed Anglo Holdings to increase its authorized capital stock to P4 billion from P2 billion.

The board authorized Anglo Holdings “to undertake a private placement of up to 2.3 billion shares in favor of Alakor and its designated affiliates, to be taken from the increase in capital stock and partly from existing unissued shares,” the listed firm said.

Anglo Holdings will sell the shares at P1.8516 apiece, allowing it to raise as much as P4.25 billion in fresh funds.

“The capital increase will change the capital structure of the company and the private placement will provide funds to finance the company’s intended uses of proceeds,” Anglo Holdings said.

Subject to due diligence and final investment decision, the proceeds from the private placement will be used whole or in part, for several programs.

Specifically, the firm said it plans to “settle outstanding loans, acquire dividend-yielding securities and finance Anglo Holdings’ share in future property development projects.”

Anglo Holdings earlier announced a plan to increase its exposure in the property sector, particularly by buying into a real estate firm involved in greenfield projects.