Xurpas Inc., a company that creates casual games for Android-powered smartphones, said on Tuesday its majority owners sold part of their shareholdings to raise P2.47 billion.
The company said in a disclosure to the Philippine Stock Exchange (PSE) that directors and principal officers Nico Jose Nolledo, Raymond Gerard Racaza and Fernando Jude Garcia have sold in an overnight transaction 155.4 million shares at P16 apiece, or a total of P2.47 billion.
Of the amount, P1.2 billion went to the company and the rest to the selling shareholders.
This means the major shareholders are taking home an estimated P961.6 million from a top-up transaction.
Xurpas said simultaneous to the transaction is the sale to the selling shareholders of 77.7 million unissued shares, or 4.3 percent of the company’s issued stocks post-transaction at a purchase price of P3.97 apiece, amounting to P308.47 million.
The overnight top-up placement will close on April 29, 2016, subject to the fulfillment of all conditions precedent, the company said, adding the shares will be listed in the PSE.
Xurpas said the proceeds of the sale will be used “to support its growth strategy and fund its capital-expenditure program.”
“The actual allocation of the net proceeds by the corporation will depend on various factors, including the results of the corporation’s operations, the cost and timeline of the proposed projects and acquisitions, the market conditions, the availability of suitable opportunities, the timing of regulatory approvals and other factors,” it said.
“To the extent the corporation does not use the proceeds for the purpose described above, the corporation intends to use such proceeds for general corporate purposes,” it added.