TOP Frontier Investment Holdings Inc. (TFHI), the largest shareholder of diversified conglomerate San Miguel Corp. (SMC), said on Monday that it has issued P25.88 billion worth of convertible securities to a British Virgin Islands company as part of funding arrangements for its outstanding loan obligations.
In a disclosure to the Philippine Stock Exchange, Top Frontier said it issued peso-denominated securities amounting to P25.88 billion in favor of Bryce Canyon Investments Ltd., a firm registered in the British Virgin Islands, which are convertible to preferred shares in TFHI.
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