Philippine billionaire prepares mega-IPO

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John Gokongwei, the fourth richest Filipino and chairman of JG Summit Holdings, one of largest conglomerates in the Philippines, is planning an initial public offering of Robinsons Retail Group, the retail arm of his JG Summit holding operating supermarkets and department stores in the Philippines.

The planned bourse debut at the Philippine Stock Exchange could raise about $800 million and would make it one of the largest ever in the Philippines.

Robinsons Retail Group, which also owns the Toys R Us Inc. franchise in the Philippines, is the second-largest multi-format retailer in the country and a core pillar of JG Summit’s business, which also includes mall operator Robinsons Land, Cebu Pacific Air, Robinsons Bank, United Industrial Corporation Limited, a Singapore-listed company that controls Singapore Land, one of the biggest property landlords in Singapore, JG Summit Petrochemical Corporation, Universal Robina Corporation, one of the largest brand food product companies, and a minority stake in Philippine Long Distance Telephone Company.

Apart from Robinsons, the Philippines in 2013 will see the IPO of a joint venture between Genting Hong Kong Ltd and Philippine conglomerate Alliance Global Group called Travellers International, expected to raise $850 million. In the first IPO at the Philippines Stock Exchange after the country received  investment grade status earlier this this year, Manila-based Asia United Bank Corp jumped as much as 9.5 per cent on its market debut on May 17.

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Reading Time: 1 minute

Reading Time: 1 minute

John Gokongwei, the fourth richest Filipino and chairman of JG Summit Holdings, one of largest conglomerates in the Philippines, is planning an initial public offering of Robinsons Retail Group, the retail arm of his JG Summit holding operating supermarkets and department stores in the Philippines.

The planned bourse debut at the Philippine Stock Exchange could raise about $800 million and would make it one of the largest ever in the Philippines.

Robinsons Retail Group, which also owns the Toys R Us Inc. franchise in the Philippines, is the second-largest multi-format retailer in the country and a core pillar of JG Summit’s business, which also includes mall operator Robinsons Land, Cebu Pacific Air, Robinsons Bank, United Industrial Corporation Limited, a Singapore-listed company that controls Singapore Land, one of the biggest property landlords in Singapore, JG Summit Petrochemical Corporation, Universal Robina Corporation, one of the largest brand food product companies, and a minority stake in Philippine Long Distance Telephone Company.

Apart from Robinsons, the Philippines in 2013 will see the IPO of a joint venture between Genting Hong Kong Ltd and Philippine conglomerate Alliance Global Group called Travellers International, expected to raise $850 million. In the first IPO at the Philippines Stock Exchange after the country received  investment grade status earlier this this year, Manila-based Asia United Bank Corp jumped as much as 9.5 per cent on its market debut on May 17.

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