Stock News 2011: SMC raises stake in Bank of Commerce

San Miguel Properties Inc. has acquired an additional 7.16 percent stake in Bank of Commerce, raising the stake of the San Miguel group in the bank to 59.16 percent.

In a disclosure to the Philippine Stock Exchange, SMPI said the acquisition was by way of a deed of sale of shares with assignment of subscription rights from Valiant Ventures and Development Holdings Inc.

SMPI said the sale is subject to completion and submission of parties of the standard closing conditions, including corporate approvals. The acquisition was approved by the SMPI board of directors last December.

Early last year, SMPI announced that it was transferring its 31 stake in BOC to the SMC Group Retirement Fund.  The transfer increased the stake of SMC Retirement Fund in the bank to 52 percent.

http://www.mb.com.ph/articles/298659/smc-raises-stake-bank-commerce

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• SMC to raise stake in Petron (business.inquirer.net)

Stock News 2010: SMC hikes stake in Petron

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SAN MIGUEL Corp. has increased its stake in Petron Corp. to 37.8 percent of the oil refiner’s outstanding capital stock as part of its intention to acquire a controlling interest by year’s end.

On Aug. 31, San Miguel bought 1.52 million Petron shares from the Ashmore group at P7.20 a share or a total of P10.9 billion. Based on the latest regulatory filing by Petron, it said San Miguel now owned 3.58 billion shares.

Prior to the purchase, San Miguel acquired an initial 19.83-percent stake from Ashmore equivalent to 1.88 billion shares at P6.85 a share. But even before the acquisition of the initial block from Ashmore, San Miguel had conducted a tender offer at P6.85 a share given its intention to exercise the option to acquire 100 percent of Ashmore unit SEA Refinery Corp., which controls Petron.

Doris Dumlao

September 7, 2010

http://business.inquirer.net/money/topstories/view/20100907-291016/SMC-hikes-stake-in-Petron

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