Party pooper: Monde drops 8% after ‘cornerstone investor’ dumps P1.4B stake in the market
Business

Party pooper: Monde drops 8% after ‘cornerstone investor’ dumps P1.4B stake in the market

Bilyonaryo Betty Ang’s Monde Nissin (MONDE) went on a tailspin a day after smashing another record high in the stock market.

MONDE lost P1.63 or 8.05 percent to P18.62 on September 29 after hitting a new all-time of P20.70 (intra-day) the previous day. It was the fifth worst loser for the day.

Snapping the food giant’s four-day rally was the divestment of one of MONDE’s institutional investors, market watchers said.

Based on details provided by the bookrunner, Credit Suisse, the “unaffiliated institutional investor” offered to sell 271.007 million shares or 1.5 percent of MONDE at P18.40 to P19.40 per share.

Wealth Securities said the overnight private placement was completed at P18.80 per share or a total of P1.375 billion.

 

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