TOP Frontier Investment Holdings, the parent company of San Miguel Corp., is raising P25.88 billion from the issuance of peso-denominated perpetual securities to a British Virgin Island-registered firm.
In a disclosure to the Philippine Stock Exchange on Monday, Top Frontier said this was part of the funding arrangements meant to cover outstanding loan obligations.
The perpetual securities will be issued to a company called Bryce Canyon Investments Ltd. They will be convertible into preferred shares of Top Frontier.
Top Frontier, which was incorporated and registered with the Securities and Exchange Commission in 2008 as a holding company, owns 66.2 percent of San Miguel Corp. which in turn operates beverage, food, packaging, properties, fuel and oil, energy, infrastructure, telecommunications, airline, mining and banking businesses.