By Chino S. Leyco
San Miguel Corp. (SMC) announced Wednesday that it will invest in the Ongpin-led Top Frontier Holdings Inc., a company that already owns more than a quarter of the food and beverage conglomerate. In a disclosure to the Philippine Stock Exchange, SMC said it plans to acquire 49 percent of Top Frontier—an investment holding company that currently owns 857.1 million common shares, or 26 percent of SMC—through equity infusion.
Related to this transaction, Top Frontier, in turn, will execute an agreement with Q-Tech Alliance Holdings Inc. for the acquisition of the latter’s 327 million common shares in SMC.
Top Frontier, has also an option over the balance of 302 million SMC shares held by Q-Tech and rights over various major mining assets.
The investment holding firm has also agreed to pursue SMC’s strategic direction to diversify into infrastructure, telecommunications, mining, energy and related industries. Simultaneous with the completion of SMC share purchase from Q-Tech, Top Frontier would also make an offer to buy shares from the conglomerate’s existing stockholders at P75 each by March. Read more...
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