The Philippine Stock Exchange has approved the listing by way of introduction, or without an initial public offering, of San Miguel Corp.’s controlling stockholder, Top Frontier Investment Holdings Inc., at a price of P178 per share.
In a memorandum, the PSE said its board had cleared Top Frontier’s listing by way of introduction after the distribution by SMC of shares in the former as property dividends.
The listing, however, is still subject to Top Frontier’s compliance with post-approval requirements of the PSE, the memorandum said.
As such, the date of listing by way of introduction has yet to be officially set.
Top Frontier earlier obtained clearance from the Securities and Exchange Commission to register and list on the main board of the PSE 490.196 million common shares representing 100 percent of its issued common shares.
Out of these shares, SMC agreed to distribute to its common shareholders 240.196 million shares—equivalent to its 49 percent stake—as property dividend at a ratio of one Top Frontier share for every 10 SMC common shares held.
The distribution of shares in Top Frontier is intended to address cross-ownership issues, SMC president Ramon S. Ang said earlier.
With this scheme, SMC will no longer own shares in Top Frontier although the latter will still be SMC’s controlling stockholder.
As of end-September, Top Frontier was the lead shareholder of SMC, controlling 56.6 percent of direct shares and another 9.49 percent in indirect shares lodged with Philippine Depository and Trust Corp.
Top Frontier is 49-percent owned by SMC itself as represented by Ang, and 51-percent controlled by an investor group that includes former Trade Minister Roberto V. Ongpin, Iñigo Zobel and Joselito Campos.
Ang is the single biggest individual stockholder, owning 15.47 percent of SMC through Privado Holdings Corp. after buying the bloc unloaded by businessman Eduardo Cojuangco Jr.