SMC to enter stock brokerage business
SMC
Conglomerate San Miguel Corp. is set to expand its interest in financial services with the establishment of a wholly-owned stock brokerage unit.
In a disclosure to the Philippine Stock Exchange on Tuesday, SMC said its wholly owned unit SMC Stock Transfer Service Corp. would establish a 100-percent subsidiary to engage in stock brokerage.
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“The stock brokerage company shall acquire an existing trading right to participate in the trading of listed securities in the Philippine Stock Exchange,” SMC said.
In financial services, SMC also owns a controlling stake in commercial bank Bank of Commerce.
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