SMC Clarifies PhP250-a-share Report
Commenting on the recent report on Manila Standard about the contemplated secondary offering of shares of San Miguel Corp. (PSE: SMC) stocks, the company, through a disclosure with the Philippine Stock Exchange (PSE), confirms the statement of Ramon Ang, President and Chief Executive Officer, regarding a price range of PhP150.00-Php200.00 per share. However, SMC noted that it is not privy to nor aware of the basis for the “P250.00 a share” reported in the said article.
The secondary offering was the subject of SMC’s previous disclosures to the Exchange dated November 4, 2010 and November 19, 2010, respectively. The price range is based on the aggregate enterprise value of the company’s existing core businesses, new investments and future business prospects, and the said secondary offering is projected to increase SMC’s public float, which is now at 13%.
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