House of Investments Inc., the listed investment holding company of the Yuchengco Group, said Thursday it entered into two share-swap deals valued at P14.07 billion that will give it greater exposure in the insurance business.
HI said it will exchange 397.7 million of its shares, valued at P9.03 billion, for all the shares of MICO Equities Inc. now held by Pan Malayan Management and Investment Corp., and 221.7 million shares valued at P5.04 billion to buy the 49 percent stake of Sun Life Financial from its insurance joint venture, Sun Life Grepa Financial.
MICO Equities own 80.63 percent of Malayan Insurance Co.
HI said the two transactions are expected to unlock values for the company, improve liquidity as well as increase scale that will allow for greater access to capital and expansion possibilities.
Both transactions requires approval of HI shareholders and the go signal from both the Insurance Commission and the Securities and Exchange Commission.
