San Miguel sells Rockwell stake for P2.1-B

MANILA, Philippines – San Miguel Corp., the country’s biggest business group, announced that the sale of their minority stake in Lopez-led property firm Rockwell Land Corp. to the Lopez group has been finalized for a total worth of P2.1 billion.

In a disclosure to the stock exchange on Monday, July 30, San Miguel said it sold its group’s total 1.042 billion Rockwell shares at P2.01 per share last Friday, July 27.

Of San Miguel group’s total 1.042 billion Rockwell shares, 681.6 million were held at the parent level, while the remaining 166.5 million shares were under the unit San Miguel Pure Foods and 195 million by SMC Global Power Holdings.

Last July 23, Rockwell announced that San Miguel’s 681.65 million shares were sold for P1.37 billion.

San Miguel acquired its Rockwell stake when the property firm issued to its stockholders property dividends as part of its stock exchange listing.

San Miguel’s power subsidiary Manila Electric Co. (Meralco) was one of the stockholders of Rockwell.

Previously, another Meralco owner, the Pangilinan-led Metro Pacific Investments Corp. (MPIC), also divested their stake in Rockwell also at P2.01 per share.

MPIC, through unit Beacon Asset Holdings Inc, sold 1.52 billion shares equivalent to about 25% of Rockwell to the Lopez group’s First Philippine Holdings Corp and pension fund for a total of P3 billion.

With these divestments, Lopez-led First Philippine Holdings Corp. further consolidates the control in Rockwell Land. – Rappler.com