BY ANGPING & ASSOCIATES SECURITIES
ALAKOR Corp. and National Book Store, Inc. completed the infusion of fresh capital into affiliate Anglo Philippine Holdings Corp. (APO) in a bid to help the listed conglomerate pay off its debts and bankroll future projects.
Anglo Philippine Holdings Corp. issued stock certificates to the 2 companies after they fully paid a total of 728.3 million shares they subscribed to at PHP 1.90 apiece, based on the 60-day volume-weighted average closing price of APO shares from July 30 to December 26 last year.
Shares in APO, which is controlled by the Ramos family, ended Monday trading at PHP 1.60 each, down by one centavo or 0.6%.
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
finance the Company’s share in future property development projects.