Listed conglomerate San Miguel Corp. (SMC) requested the Philippine Stock Exchange to suspend the trading of some of its shares starting Monday, March 15.
SMC asked the exchange on Friday for the trading suspension of nearly 6.67 million preferred series 2 shares, subseries G (SMC2G) to give the company time to pay shareholders after selling back the company’s securities.
“In order to [allow] the company the opportunity to process the payment of the proceeds from the redemption of the SMC2G shares to the stockholders of record, the company requests that the trading of SMC2G Shares be suspended beginning March 15, 2021, which is the ex-date,” the company said.
The record date for the redemption of the SMC2G preferred shares is March 18, 2021.
In a separate disclosure, SMC set the redemption price of the said shares at P75 per share, on top of any unpaid cash dividends.
The company will be sending a notice of redemption by publication and by mail on Monday, March 15.
“The SMC2G preferred shares, upon redemption, shall not [be] considered retired and may be re-issued by the corporation,” the company said.
“The trading of the SMC2G will be suspended upon redemption and may only be tradeable upon application by the corporation for the lifting of [the] trading suspension in the event the corporation decides to re-issue them in the future, subject to compliance with the listing rules of the exchange,” SMC added.
The proposed trading suspension may last until March 30, 2021.
SMC2G shares at the exchange declined by 0.13% on Friday to close at P76.70 apiece while SMC shares rose to P123 apiece, 1.65% higher than its previous close of P121. — Keren Concepcion G. Valmonte