Manila's JG Summit says may sell up to $211 mln local bonds

Published: 23 Sep 2009 23:15:37 PST

MANILA, Sept 24 - Philippine conglomerate JG Summit Holdings Inc <JGS.PS> said on Thursday it may sell as much as 10 billion pesos ($211 million) worth of fixed-rate bonds due 2014.

The company, with interests in food, beverages, an airline, telecommunications, property and mall development, and banking, said in a filing with the securities regulator that ING Bank N.V. and SB Capital Investment Corp will be joint issue managers of the issue.

JG Summit will sell 5 billion pesos worth of bonds, with an option to raise the offer to 10 billion pesos, not later than Nov. 12, the company said. Proceeds of the bond issue would be used to fund capital spending, particularly of its telecommunications and airline units.