Ramos firms infuse P200 M in Anglo Holdings

MANILA, Philippines - The Ramos family has poured more than P200 million in fresh capital into listed Anglo Philippine Holdings Corp., completing the first phase of its P4.25-billion fundraising program.

In a regulatory filing, Anglo said Ramos-owned firms Alakor Corp. and National Book Store Inc. subscribed to an aggregate of 500 million new shares in the investment holding firm at P1.8516 apiece.

Anglo Holdings said 25 percent of the subscription price or P231.45 million was paid by Alakor and National Book Store on their respective subscriptions. The new shares were taken from the increase in capital stock of Anglo Holdings to four billion shares from two billion shares.

“The transaction is intended to raise funds for the company, which will be used, in whole or in part and in any combination, to settle outstanding loan obligations, acquire dividend-yielding securities, and finance the company’s share in future property development projects,” the firm said.

“The company is hopeful that these actions will result in a stronger balance sheet and improved portfolio of investments for the company,” it added.

In March, Anglo Holdings’ board allowed management’s plan to sell 2.3 billion shares at P1.8516 apiece for a total of P4.25 billion.

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

In August, Anglo Holdings sold 214.145 million shares or a 4.5-percent stake in upscale developer Shang Properties Inc., the local property unit of Malaysia’s Kuok Group, for P778.46 million.