JG Summit Holdings Inc raised PHP8.8 billion in an overnight equity placement. The amount will partially fund the firm's purchase of a stake in Manila Electric Company (Meralco). The company announced the fundraising in a disclosure today. This was according to a report published by Business World Online.

According to JG Summit, the company sold 98.08 million of its treasury shares and 121.92 million shares of its secondary shares. These were priced at PHP40 apiece, the report said.

JG Summit explained: "The proceeds from the offering will be used to partially fund the Meralco acquisition and for general corporate purposes."

In October, JG Summit sold 105 million of its Universal Robina Corp (URC) shares. These were priced at PHP115 apiece. The firm raised PHP12 billion in the sale. The company's URC stake was diluted from 60.55% to 55.7%, the report stated.

In September, the conglomerate bought San Miguel Corporation's 27% stake in Meralco for around PHP72 billion, Business World Online reported.