Top Frontier Corp., the investment vehicle of businessman and former Trade Minister Roberto Ongpin in San Miguel Corp. (SMC), will make its official market debut next week as it lists by way of introduction in the Philippine Stock Exchange.
Top Frontier is also the largest shareholder in the listed diversified conglomerate.
In a memorandum posted at the website of the local bourse on Friday, it was mentioned that Top Frontier will list at the PSE on Monday.
The initial listing price for the common shares of Top Frontier will be P178 each.
Few weeks before 2013 ended, the Securities and Exchange Commission (SEC) gave its go-signal for Top Frontier to proceed with its planned listing by way of introduction in the PSE.
An SEC filing showed that the commission approved the registration and listing by of way of introduction of 490.2 million common shares of Top Frontier on the Main Board of the PSE, representing 100 percent of the issued common shares.
Also, the SEC approved the distribution of SMC of 240.2 million common shares of Top Frontier as property dividend to all of its shareholders, on the basis of one Top Frontier common share for every 10 SMC common shares held.
Earlier on October, Top Frontier received the approval of its board to make its debut in the country’s equities market. The total value of the company is estimated at P87.31 billion to P87.44 billion.