San Miguel infuses more funds in MRT-7 project

SAN MIGUEL Corp. (SMC) has infused P147.81 million more in its infrastructure unit to fund the 23-kilometer Metro Rail Transit Line 7 (MRT-7) project, the firm told the local bourse on Friday.

In a regulatory filing, Ramon S. Ang-led SMC said that the disbursement to San Miguel Holdings Corp. came from the earnings of its Subseries J offer of its Series “2” preferred shares.

As of Nov. 30, the outstanding common and preferred shares of the company’s subseries J offer were logged at 266 million.

MRT-7, a flagship project of the government, will run between North Avenue in Quezon City and San Jose del Monte City, Bulacan. SMC unit SMC Mass Rail Transit 7, Inc. is undertaking the project along with the Department of Transportation.

The Transportation agency earlier said that MRT-7 was on track for partial operations next year as the project hit a 51.84% completion rate in June.

Last month, SMC reported a third-quarter net income of P15 billion, up from its P13.54 billion posting year-on-year as business units started bouncing back. The firm earlier said that it returned to profit after posting a net loss of P4 billion during the first six months of 2020 as the government had relaxed quarantine measures in Metro Manila and key cities.

Separately, the listed conglomerate said in a statement on Monday that it had extended cash assistance of P20 million for the lone fatality and eight injured during the recent accident at the Skyway extension project site in Cupang, Muntinlupa.

It said the amount is on top of the medical and other expenses shouldered by its Skyway project contractor EEI Corp.

“I’ve been deeply affected by the pain this has caused them and have been assessing different ways to assist the victims of this unfortunate accident, apart from what our contractor EEI has been providing them. I hope this amount would be a step towards helping them rebuild their lives. With the right support, we can all overcome adversity and lead full lives,” Mr. Ang said.

EEI is the entity handling the project’s construction. The mishap involved its subcontractor’s crane, which lost its balance and hit a steel girder, causing it to fall on vehicles.

Mr. Ang earlier issued a public apology and promised to provide for the needs of the victims.

On Monday, shares in SMC inched up by 0.87% to finish at P139.20 apiece. — Angelica Y. Yang