Top Frontier Investment Holdings Inc., the parent company of San Miguel Corp., said Friday it will sell 45 million common shares to Far East Holdings Inc. in a transaction valued at P10.86 billion.
Far East Holdings is the private company that holds investments of billionaire Ramon Ang, who is president of both Top Frontier and San Miguel.
Top Frontier said the selling price for each share was pegged at P241.42, the midpoint of the independent valuation undertaken by FTI Consulting Inc. It said the stocks, which will come from the unissued common shares of the company, will be “fully paid in cash on or before 30 June 2023.”
The company said it will seek shareholder approval on Aug. 3 to list the shares on the Philippine Stock Exchange.
Top Frontier also said that its board approved the change, effective 20 June in the distribution rate of redeemable perpetual securities as well as the introduction of a feature that will allow holders of those securities to convert them into common shares at a price of P289.70. A large block of those perpetual securities are held by Far East Holdings.
Top Frontier, which also has interests in mining, listed total assets worth P2.5 trillion at the end of 2022.
