San Miguel unit to put up own stockbrokerage subsidiary

Conglomerate San Miguel Corp. is set to expand its interest in financial services with a planned debut into the stockbrokerage business.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, SMC said its wholly owned unit SMC Stock Transfer Service Corp. would establish a 100-percent subsidiary to engage in stockbrokerage.

“The stockbrokerage company shall acquire an existing trading right to participate in the trading of listed securities in the Philippine Stock Exchange,” SMC said.

This move by SMC Stock Transfer Service Corp. has been approved by SMC’s board of directors.

“They want to have their own stockbrokerage. It’s just very small (business),” said SMC president Ramon S. Ang.

SMC chief finance officer Ferdinand Constantino said this would serve the needs of various publicly listed companies under the group.

In financial services, SMC also owns a controlling stake in commercial bank Bank of Commerce.