JG Summit Holdings Inc., the listed investment holding company of the Gokongwei Group, plans to acquire nearly 37.1 billion common shares in listed Oriental Petroleum and Minerals Corp. (OPMC) from its wholly owned subsidiary, consolidating its investment in the oil and gas company at the parent level.
JG Summit said its board approved the proposed acquisition on October 22, covering 8.4 billion A shares that are exclusive to Filipinos and 28.66 billion B shares held by JG Summit Capital Services Corp. (JGSCSC) as of September 30.
The transaction will be executed through a cross-block sale using the Philippine Stock Exchange’s facilities, with completion targeted for October 26, subject to applicable laws, regulations, and the transaction’s approved terms.
The final transaction value has yet to be determined. JGS said the price per share will be based on OPMC’s 30-day volume-weighted average price (VWAP), calculated through the close of trading on October 23. The aggregate consideration will be established once the pricing period ends.
The proposed transfer would bring the subsidiary’s OPMC shareholdings directly under JGS, streamlining the group’s investment structure without necessarily indicating a change in the group’s overall economic exposure to the listed company.
The transaction remains subject to the applicable requirements, and the company may complete it on October 26 or another date deemed necessary or appropriate.
The disclosure did not specify the expected cash consideration or identify any change in OPMC’s operating strategy arising from the proposed acquisition.
