Bilyonaryo Betty Ang’s Monde Nissin (MONDE) went on a tailspin a day after smashing another record high in the stock market.
MONDE lost P1.63 or 8.05 percent to P18.62 on September 29 after hitting a new all-time of P20.70 (intra-day) the previous day. It was the fifth worst loser for the day.
Snapping the food giant’s four-day rally was the divestment of one of MONDE’s institutional investors, market watchers said.
Based on details provided by the bookrunner, Credit Suisse, the “unaffiliated institutional investor” offered to sell 271.007 million shares or 1.5 percent of MONDE at P18.40 to P19.40 per share.
Wealth Securities said the overnight private placement was completed at P18.80 per share or a total of P1.375 billion.
$MONDE Overnight Private Placement at P18.80 per Share Completed; Secondary Shares Sold By One Cornerstone Investor
— wealthsec (@wealthsec) September 28, 2021
$MONDE: Bloomberg reported that an institutional investor is looking to sell 271M shares between PHP18.40 – PHP19.40. Credit Suisse is the bookrunner, trade date today.
— FirstMetroSec (@firstmetrosec) September 28, 2021
MONDE share placement of around 1.5% of outstanding shares (all secondary) at P18.40-19.40 by an unaffiliated institutional investor.
— April Tan (@AprilLeeTan) September 27, 2021
The post Party pooper: Monde drops 8% after ‘cornerstone investor’ dumps P1.4B stake in the market first appeared on Bilyonaryo Business News.
Party pooper: Monde drops 8% after ‘cornerstone investor’ dumps P1.4B stake in the market
Source: Filipino Daily Inquirer
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