San Miguel Corporation's major shareholder Top Frontier Investment Holdings Inc. will apply to be listed on the Philippine Stock Exchange by way of introduction.
In a disclosure to the bourse on Thursday, SMC said that the board of Top Frontier approved the filing of an application with the PSE for listing by way of introduction of all common shares of Top Frontier, inclusive of the common shares declared as property dividends by the Board.
In another disclosure on Thursday, SMC announced the approval by its board of directors of the declaration, by way of property dividends, of 240,196,000 common shares of stock of Top Frontier owned and held by SMC, under which plan SMC shareholders will be entitled to receive as of Nov. 5 one common share of Top Frontier for every 10 San Miguel common shares owned.
It added that "the fair value" of a dividend share will be P178 per share based on a valuation report.
San Miguel acquired its 49-percent stake in Top Frontier in 2010. Former Trade Minister Roberto V. Ongpin is another big shareholder in the firm. — BM, GMA News
Philippine economic growth in the first quarter slowed to a three-year low of 5.2 percent, well below forecasts, due to lethargic government spending and weak exports, officials said Thursday. "While growth in the private sector remains robust, the slower than programmed pace of public spending, particularly the decline in public construction, has slowed down the overall growth of the economy," Economic Planning Secretary Arsenio Balisacan told reporters. "Exports were the other source of the …