| A unit of Singapore’s sovereign wealth fund has exercised its option to convert a loan to Century Pacific Group Inc into shares in its listed subsidiary. In a disclosure to the Philippine Stock Exchange, Century Pacific Food Inc said Arran Investment Private Limited, which is an affiliate of Singapore’s GIC Private Limited, has sent word that it would exercise the option clause in the Exchangeable Loan Agreement signed in April 30, 2014.
That agreement involved Arran providing Century Pacific Group a P3.376 billion loan, which the borrower can repay by converting the principal and interest into 245.5 million shares in its listed tuna canning subsidiary. The exercise of the option would redound to a conversion price of P13.75 a share, equivalent to Century Pacific’s initial public offering (IPO) price...............................................Full Article: Source
|