Businessman Manuel Pangilinan is raising his stake in Hong Kong-based conglomerate First Pacific Co. Ltd. as the group is expected to post a turnaround in terms of financial results.
First Pacific said in a disclosure to the Hong Kong Stock Exchange Pangilinan, who is also the company’s managing director and chief executive, is increasing his stake in the company by 3 million shares to 70.3 million shares, using proceeds from a share sale and from his personal resources to finance the exercise and hold his share options.
Pangilinan sold 12 million shares of First Pacific over the past few days, raising funds to finance the exercise of 15 million First Pacific share options at a price of HK$4.9457. These options are due to expire on Sept. 4, 2017.
The result of these transactions will be a net increase of 3 million shares in the chief executive’s shareholding in First Pacific to 70.3 million shares. “I think now is a great time to increase my stake in First Pacific. We expect our 2017 results to mark a turnaround in the financial and operating results of the businesses we are invested in and signal stronger dividend income to First Pacific from next year,” Pangilinan said.