SMC sells stake in Rockwell for P2.1B

Posted at 07/30/12 4:03 PM

MANILA, Philippines - Conglomerate San Miguel Corp. and its subsidiaries on Friday completed the sale of their stake in property firm Rockwell Land Corp. for P2.1 billion.

In a disclosure to the stock exchange, San Miguel said a total of 1.042 billion Rockwell shares were crossed at the Philippine Stock Exchange at P2.01 per share last Friday.

Of the total shares, 681.6 million were owned by San Miguel, 166.5 million shares were held by San Miguel Pure Foods, and 194.6 million shares were held by SMC Global Power Holdings.

San Miguel received the shares as property dividends from Manila Electric Co. (Meralco).

Rockwell Land is the real estate arm of Lopez-led First Philippine Holdings, which earlier acquired Beacon Electric Asset Holdings Inc.’s shares in Rockwell Land worth P2.6 billion.

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