San Miguel to buy back $600-M bonds
MANILA, Philippines – Diversified conglomerate San Miguel Corp. will buy back $600 million worth of exchangeable bonds due 2014.
San Miguel announced the plan as it implemented a 6-day share trading suspension on Wednesday, January 23.
The company said its trading suspension was essential to “maintain a level playing field and to allow the investing public the opportunity to carefully analyze and consider the consequences, if any, of the invitation to tender on their investments in SMC shares.”
San Miguel will launch a tender offer for the bonds, which are exchangeable for shares in the company, on January 29.
San Miguel issued the bonds in 2011 to raise funds for its investments in heavy sectors, including infrastructure and power generation. – Rappler.com