San Miguel seeks early settlement of $600-M bonds
MANILA, Philippines - Trading San Miguel Corp.'s common shares have been voluntarily suspended for six days starting Wednesday.
This comes as the conglomerate said it seeks the early settlement of $600 million in bonds due in 2014.
SMC is soliciting the consent of the bond holders to tender their bonds for repurchase.
The bonds, listed on the Singapore Exchange Securities Trading Limited, are exchangeable for common shares of stock of SMC to be issued out of the company's treasury stock.
SMC said the buyback is in line with the management's efforts to refinance existing financial obligations under terms and conditions favorable for the company.
SMC said it requested for a trading suspension from January 23 to 30 to give the investing public and existing SMC shareholders enough time to evaluate the invitation to tender.
"We believe that a suspension of trading is essential to maintain a level playing field and to allow the investing public the opportunity to carefully analyze and consider the consequences, if any, of the invitation to tender on their investments in SMC shares," the comapny said.