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SMC sells Rockwell shares

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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