GIC reportedly buying stake in Philippine liquor firm - Channel NewsAsia
SINGAPORE: Singapore's GIC appears to be on a spending spree. According to reports, the sovereign wealth fund is buying an initial stake in Philippine liquor firm Emperador.
Emperador is said to be planning to sell a 9.64 per cent stake to GIC for US$391 million (S$506 million).
The deal comprises an equity investment of 12.32 billion pesos (S$0.35 billion) for 1.12 billion shares. This is equivalent to a 6.95 per cent direct equity stake in Emperador. The rest of the purchase is via equity-linked securities worth 5.28 billion pesos.
Emperador is the world's biggest brandy maker. It had bought the world's No. 5 scotch whisky maker Whyte & Mackay in May.
Earlier this week, GIC bought a 49 per cent stake in five shopping malls in New Zealand for close to US$800 million.
- CNA/ms
http://www.channelnewsasia.com/news/business/gic-reportedly-buying/1459788.html
SINGAPORE: Singapore's GIC appears to be on a spending spree. According to reports, the sovereign wealth fund is buying an initial stake in Philippine liquor firm Emperador.
Emperador is said to be planning to sell a 9.64 per cent stake to GIC for US$391 million (S$506 million).
The deal comprises an equity investment of 12.32 billion pesos (S$0.35 billion) for 1.12 billion shares. This is equivalent to a 6.95 per cent direct equity stake in Emperador. The rest of the purchase is via equity-linked securities worth 5.28 billion pesos.
Emperador is the world's biggest brandy maker. It had bought the world's No. 5 scotch whisky maker Whyte & Mackay in May.
Earlier this week, GIC bought a 49 per cent stake in five shopping malls in New Zealand for close to US$800 million.
- CNA/ms
http://www.channelnewsasia.com/news/business/gic-reportedly-buying/1459788.html
