Ramon S. Ang-led San Miguel Corp. (SMC) sought to suspend the trading of some of its shares on Sept. 9.
On Friday, the listed conglomerate requested the Philippine Stock Exchange to halt the trading of its 89.33 million preferred series 2 shares, subseries D (SMC2D). This will give it time to pay off shareholders for selling their securities back to the company.
“In order for the Company to process the payment of the proceeds from the redemption of the SMC2D Shares to the stockholders of record, the Company requests that the trading of SMC2D Shares be suspended beginning September 9, 2020 which is the ex-date,” it said.
The record date of the redemption of the shares is Sept. 14.
Shares under the said series inched down 0.20% to close at P75.15 each on Friday.
Two weeks ago, the conglomerate filed for the shelf registration of half of its 533.33 million preferred shares, the proceeds of which will be used to add capital into its subsidiaries.
It will be putting up 266.66 million shares, which already include an oversubscription option, at
P75 per share with a par value of P5 each. The securities are cumulative, non-voting, non- participating, nonconvertible, redeemable, peso-denominated, and perpetual.
The shares sale will run from September 29 to October 9. On Friday, shares in SMC rose by 2.83% to close at P101.80 apiece. — Adam J. Ang
