Khazanah, TPG buy into Manila developer
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[MANILA] Malaysia's state investor Khazanah Nasional and global private investment firm TPG have agreed to buy US$132 million worth of shares in 8990 Holdings Inc, the Philippine mass housing developer said yesterday.
Khazanah and TPG have committed to subscribe to about two-thirds of 8990 Holdings' follow-on equity offering that raised nine billion pesos (S$257.6 million), the Philippine firm said in a stock exchange filing.
The shares bought by the two institutional investors, amounting to over 5.8 billion pesos, are equivalent to around 20 per cent of the Philippine firm's equity, according to Reuters' computations.
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