Anglo to get P4.25-B fresh capital

The amos family’s investment firm Anglo Philippine oldings Corp. is beefing up its capitali ation as it prepares to pay debts and fund expansion programs.

Alakor Corp., also controlled by the amos 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 oldings to increase its authori ed capital stock to P4 billion from P2 billion.

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

Anglo oldings will sell the shares at P1.8516 apiece, allowing it to raise as much as P4.25 billion in f re s h 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 oldings 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 oldings’ share in future property development projects.”

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