Posted on July 30, 2012 11:05:24 PM [
BusinessWorld Online ]
By Franz G. de la Fuente, Reporter
SAN MIGUEL Corp. (SMC) and two of its
units have completed the sale of their stake in Rockwell Land Corp. for over
P2.09 billion, a disclosure to the local bourse yesterday showed.
According to the disclosure, 681,646,831 shares held by parent firm San
Miguel were sold back to the Lopez-led First Philippine Holdings Corp. (FPH)
last Friday.
The 166,530,579 shares held by San
Miguel Pure Foods Co., Inc., and 194,624,266 million shares held by SMC Global
Power Holdings Corp. were likewise crossed, but these were not sold to the
Lopez camp, FPH spokesperson Maria Hazel B. Velasco said.
Over 1.042 billion Rockwell Land
shares in total were sold at P2.01 apiece, a 35.58% discount from their closing
price on Friday, the filing showed.
The San Miguel group, a shareholder in
Manila Electric Co., (Meralco) had obtained the Rockwell Land shares after the
distribution utility issued such as property dividends. Meralco shareholder
Beacon Electric Asset Holdings, Inc. had similarly sold its Rockwell Land
shares to FPH at P2.01 apiece.
Rockwell Land debuted on the
Philippine Stock Exchange last May by way of introduction, listing 6.23 billion
shares at P1.46 each.
The developer said its first-quarter
net income grew by 3.77% to P165 million from year-ago levels, on the back of
higher condominium sales and improved leasing income.
San Miguel, for its part, already has
a presence in the local real estate market via listed San Miguel Properties,
Inc.
San Miguel recorded an 18.77% increase
in its first-quarter net income to P8.48 billion from P7.14 billion in the same
period last year, anchored on the robust results of a majority of its
businesses in the period.
Rockwell Land shares went up by 0.32%
to P3.13 yesterday.
Shares of San Miguel climbed by 0.89%
to P112.80 yesterday, while those of its subsidiary, San Miguel Pure Foods,
were last traded on July 10 at P950 apiece.
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