Philippines: San Miguel shares worth P13.2 bn sold in late trade

A total of 174.46 million class-A common shares and 1.67 million class-B common shares in Philippine food and beverage company San Miguel Corp. together worth P13.2 billion changed hands in late trading, data from the stock exchange here show, according to Xinhua Financial News Service, June 15.

The A-shares, which only Filipinos can own, were sold in two blocks at P75 per share.

Two blocks of B-shares, which are available to Filipino and foreign investors alike, were sold at P84 per share.

The identities of the sellers and buyers were not immediately available.

Early this month, San Miguel said its employee retirement fund had recently acquired 56.68 million more class-B common shares to raise its stake in San Miguel to 320.45 million shares, or about 10.16 percent of the company's outstanding shares.

The retirement fund has now assumed the status of a "substantial shareholder" in San Miguel as defined under Philippine rules.

Kirin Brewery Co. Ltd. of Japan owns 20 percent of San Miguel, and tycoon Henry Sy's holding firm, SM Investments Corp, holds 10.8 percent.

($1 = P46.59)