Atlantic, Gulf and Pacific (AG&P), a Philippines-based industrial process outsourcing company which fabricates complex infrastructure modules, has raised $53m at the initial closing of its series C equity financing round, led by listed Philippines-based conglomerate A. Soriano Corporation (Anscor). Anscor invested $40m through a subsidiary, increasing its shareholding to 26.75% of AG&P’s enlarged equity.
The equity financing is part of a broader capital raising program by AG&P and follows the recent closure of its PhP 3.8bn ($93m) corporate note issuance and working capital line offering in the Philippines earlier in 2013.
Joseph Sigelman, chairman of AG&P, said: “This equity raising from local investors highlights the special place that the 113-year old AG&P brand has in the Philippines and reflects the enormous investment and growth the modern AG&P enjoys today.”
Andres Soriano, chairman and chief executive officer, said: “Anscor is very excited about leading the series C equity round. We are very pleased with the work that Joseph Sigelman and the management team have done to transform an over century old Philippine company into a globally competitive player in the industrial modular fabrication industry.”