SMC shares in one-day trading halt on PSE
San Miguel Pure Foods Company, Inc. (SMPFI), Ginebra San Miguel, Inc. (GSMI), and San Miguel Corporation (SMC) have sought for a one-day voluntary trading halt on the Philippine Stock Exchange as SMC consolidates its food and beverage businesses under its subsidiary, SMPFI.
The request was due to the SMC’s board approval, also on Monday, to consolidate its food and beverage business under SMPFI through the subscription to 4,242,549,130 additional common shares of stock of SMPFI.
SMC shall convey and transfer to its subsidiary 7,859,319,270 common shares of San Miguel Brewery Inc. and 216,972,000 common shares of GSMI which are sister companies and are both owned by SMC.
The share swap transaction and other amendments to the firms’ Article of Incorporation will be further approved in its next special stockholders’ meeting.