25.6 C
Wednesday, February 19, 2020
Home Business Top Business Brisk start for SMC share sale

Brisk start for SMC share sale


SAN Miguel Corp. (SMC) has begun the domestic offering of its shares, with the share sale “going extremely well,” according to one of its domestic book runners.

“Even if [the information is] just going out and [it is] just the first day of [the] offer, [there] has been lots of offers,” Ed Francisco, BDO Capital and Investments Corp. president, said in a text message.

Besides BDO Capital, the other domestic book runners of the offering are ATR KimEng Capital Partners Inc. and SB Capital Investment Corp.

SMC and key shareholder Top Frontier Investment Holdings Inc. plan to raise P3.47 billion from selling 31.52 million shares of the food and beverage giant at P110 apiece, which is at the low-end of the guidance provided by book runners

These shares are part of the 110.32 million common shares consisting of 27.58 million treasury shares and 82.74 million held by Top Frontier.

The domestic joint book runners advised the Philippine Stock Exchange that it is offering 7.37 million shares through the local brokers at a purchase price of P110.331 per offer share, including crossing related fees and expenses.

Should all 134 active brokers take part in the offering, each trading participant will likely get an allocation of 55,000 shares worth P6.07 million each.

SMC shares were last traded at P153 before the company was cleared for a voluntary trading suspension to “deter any speculative transaction” ahead of its follow-on offering.


American charged for trafficking, child abuse, faces kidnapping rap, too

AN arrest warrant for kidnapping was served to an American while attending a court hearing for a trafficking case in Pasay, the National Bureau of...

More PUIs cleared of Covid-19 — DoH

MORE persons under investigation (PUI) have been cleared of the coronavirus disease (Covid-19), the Department of Health (DoH) said as of Wednesday. Of the 539...

Filipinos in Covid-19-infected Japanese cruise ship to be repatriated soon as cases rise

THE repatriation of Filipino crew and passengers of a Japanese cruise ship are being finalized as Filipinos who contracted the COVID-19 virus climbed to...

PMA closes homecoming to media, public for first time over Covid-19

THE Philippine Military Academy (PMA), for the first time in recent years, has closed the annual alumni homecoming to media and the public amid...

Barr tells people he might quit over Trump tweets

WASHINGTON, D.C.:  Attorney General William Barr has told people close to him he’s considering quitting his post after President Donald Trump wouldn’t heed his...

Today’s Front Page February 19, 2020

Today’s Front Page February 19, 2020