Ang buys more shares in San Miguel
MANILA, Philippines – A privately-held company controlled by businessman Ramon Ang bought more shares in diversified conglomerate San Miguel Corp. (SMC).
In a disclosure to the Philippine Stock Exchange on Thursday, August 1, SMC, which Ang heads, said Privado Holdings Corp. acquired 2.02 million additional shares in the conglomerate for P173.1 million.
The shares were bought at the stock exchange for P83.78 to P87.44 each on July 26, 29 and 30.
Just last Monday, July 29, San Miguel reported that Privado bought 3.44 million shares in SMC for over P290 million.
Ang owns 62.5% of Privado while Thomas Tan, who sits in San Miguel's board, owns the remaining 37.5%.
The purchase came after the recent drop in SMC's share price due to a Manila Times report that quoted the International Monetary Fund as saying SMC was a "highly leveraged conglomerate" at risk of default.
As SMC's shares fell, Ang announced SMC was prepared to buy back its shares from the market to boost its share price. – Rappler.com