Stock News 2013: SMC property unit goes back into private hands

English: Phillippine stock market board (Photo credit: Wikipedia)

San Miguel Corp. is taking its property unit San Miguel Properties Inc. (SMPI) back into private hands.

The board of SMPI approved the filing of a voluntary petition to delist from the Philippine Stock Exchange (PSE), the company on Wednesday said in a disclosure.

In line with the PSE’s delisting rules, the board also approved SMPI’s conduct of a tender offer to buy out shares held by minority stockholders.

The thinly traded SMPI, a subsidiary of San Miguel Corp., has a meager public float of 0.06 percent out of its market capitalization of about P85 billion. It last traded at P700 a share on Nov. 13 last year.

SMPI was one of seven public companies whose trading had been suspended due to failure to comply with the 10-percent minimum public float required by the PSE.

In its disclosure, SMPI said it had mandated ATR Kim Eng Capital Partners Inc. as financial adviser on its tender offering.

The tender offering is targeted to run from Feb. 27 to March 26. Management was authorized to decide on the price and other terms and conditions of the offer.

http://business.inquirer.net/106381/smc-property-unit-goes-back-into-private-hands

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Stock News 2012: Vista Land declares special cash dividend

Publicly-listed Vista Land and Lifescapes, Inc., the country’s largest homebuilder, has declared a special cash dividend in the amount of four centavos per share.

Shortly after Vista Land’s annual stockholder’s meeting on June 15, 2012, the company’s Board of Directors held an organizational meeting during which it approved the declaration of a special cash dividend in an amount equal to approximately 10% of the company’s consolidated net income for the year ended Dec. 31, 2011.

The record date for the special dividend is on July 2, 2012, while the payment date will be on July 26, 2012.

Vista Land recently reported its first quarter results, announcing that the company’s net income for the first quarter of the year compared to the first quarter of 2011 rose by 22 percent to P1.060 billion from P873 million, while revenues exceeded P4 billion.

“In view of Vista Land’s excellent performance and strongly positive outlook, we are pleased to once again reward our loyal shareholders with a special cash dividend as we had done last year,” stated Manuel Paolo Villar, Vista Land’s president and chief executive officer. “This of course will be over and above the company’s regular cash dividend, which is usually formally approved during the second half of the year,” he added.

http://www.philstar.com/Article.aspx?articleId=818240&publicationSubCategoryId=66

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Stock News 2011: Smc's 8-Month Income Up 70%

Image via WikipediaSan Miguel Corp. (SMC) net income rose 70 percent in the eight months through August from a year ago on acquisitions of oil-refining and power-generation assets, a person familiar with the company’s financial data said.

The Philippines’ biggest listed company also had revenue that rose by two and a half times, while earnings before interest, taxes, depreciation and amortization almost doubled, the person, who declined to be identified because the information is private, said. San Miguel last month reported first-half profit rose 72 percent to P10.8 billion.

The company that started as a brewer more than a century ago has been expanding into oil refining, power retailing and infrastructure to triple the return it previously earned from food and drinks. Oil refining unit Petron Corp. accounts for about a third of the Philippine oil market, while SMC Global Power Holdings Corp. controls 17.5 percent of the nation’s power generation capacity. The power unit plans to raise as much as P27.3 billion in an initial public offering.

San Miguel will pay a cash dividend of 35 centavos per common share and P1.50 for each Series 1 preferred stock held, it told the stock exchange today, after close of trading.

Profit in the first three quarters of 2010 was P12.7 billion, the company said in a November 2010 statement.

http://mb.com.ph/articles/335434/smcs-8month-income-up-70

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Stock News 2010: PSE implements rule requiring listed firms to have 10% minimum public ownership

Image via Wikipedia
MANILA, Philippines – The Philippine Stock Exchange (PSE) Tuesday started implementing a rule that listed companies should have a minimum public ownership of 10 percent to avoid being delisted, in an effort to improve liquidity in shares and enable the discovery of a fair price.

The move, which was approved last December following a 63 percent increase in the benchmark index in 2009, comes nearly five years after the stock market operator first scrapped a similar norm in 2005, retaining it only for initial and backdoor listings.

The weakness of the stock market in the first half of the decade forced many companies to resort to buying back shares to shore up stock prices. In the process, many companies ended up non-compliant of the minimum public ownership and faced the prospect of being delisted if the ownership limit for continuing listing wasn't dropped.

As of last November, only 71 of the 179 listed firms listed on the bourse were compliant with the minimum ownership level.

Under the PSE's amended rule, listed companies whose public ownership has fallen below 10% are given a 12-month grace period to comply with the ownership rule and are fined subsequently. If public ownership stays below the minimum level for 36 months, the firms will be delisted.

The bourse has sent out reminders to increase public stake to at least 10% of their outstanding stocks to avoid delisting.

Four companies--oil refiner Petron Corp., ship builder Keppel Philippines Marine Inc., pharmaceutical company Euro-Med Laboratories Philippines Inc. and investment holding company Manchester International Holdings Unlimited Inc.) – that had been asked to comply with the new rule have replied to the bourse's request.

In separate filings with the PSE, all four companies have pledged to take steps to meet the required public ownership.

http://www.mb.com.ph/node/290274/p

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