Life insurer Philam Life has offered its 10-percent stake in native enterprise group Phinma Corp. to the latter’s controlling shareholder for P310.62 million.
Philam Life unloaded about 28.238 million shares of Phinma at P11 per share by the use of a block sale by means of the Philippine Stock Change on Friday. This marked a premium of P2.26 or 25.eight p.c from Thursday’s closing price of P8.74 per share.
The shares had been wolfed up by Philippine Funding Administration Inc., which now has a stake of 60.83 p.c in Phinma and thus has consolidated its management of the native firm.
Phinma Corp. is a holding firm with investments within the training, metal merchandise, housing, enterprise course of outsourcing and hospitality sectors. It’s at present valued by the stock market at P2.38 billion.
Over time, Philam Life has been unloading noncore companies to give attention to life insurance coverage enterprise. Final yr, its mutual fund unit Philam Asset Administration Inc. transferred all excellent mutual funds underneath administration to BPI Funding Administration Inc. Philam Life is a part of AIA, the biggest impartial publicly listed pan-Asian life insurance coverage group.
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