San Miguel lists P80-B preferred shares

Posted at 09/28/12 10:10 AM

MANILA, Philippines - San Miguel Corp. listed on Friday morning the P80 billion new preferred shares it sold earlier this month.

The sale is the biggest in Philippine history.

San Miguel will use the proceeds from the sale to buy back preferred shares it issued in 2009.

Those preferred shares were issued in exchange for common shares contested by the government and people associated with San Miguel chairman Eduardo "Danding" Cojaungco. - ANC