TPG and Khazanah Invest PHP5.8 Billion in 8990 Holdings (Asia)

Source: 8990 Holdings, Asian Venture Capital Journal  |  Author(s): Tim Burroughs

Global private investment firm TPG Capital and Malaysian sovereign wealth fund Khazanah Nasional have together invested PHP5.8 billion (approximately US$132 million) in Philippines-listed housing developer 8990 Holdings. The two investors subscribed to 892 million shares in a follow-on offering that raised PHP9 billion (approximately US$204 million). They paid PHP6.50 (approximately US$0.15) per share, and own approximately 16 percent of the company's total issued shares. 8990 Holdings, which went public in 2012 through a reverse merger, has four main business lines: low-cost mass housing, medium-rise condominiums, time shares and hotel operations.