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
Known as the "Subdivision and Condominium Buyers' Protective Decree," Presidential Decree No. 957 issued two sets of revised implementing rules and regulations (IRRs) earlier in 2015. A bill initiated by former President Ferdinand Marcos in 1976, the decree and its most recent amendments were designed to "protect buyers from fraudulent and unscrupulous subdivision and condominium sellers, operators and developers," according to the explanatory note that accompanied the bill in its senate …