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San Miguel Corporation to Invest in Top Frontier Holdings

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San Miguel Corporation (SMC) is to invest in Top Frontier Holdings Incorporated by acquiring 49 per cent of the company.

Top Frontier, an investment holding company, will help SMC to diversify into infrastructure, telecommunications, mining, energy and related industries.

The amount that SMC will pay for the acquisition has not been disclosed.

SMC also said that Top Frontier has offered to buy out San Miguel Shareholders at 75 pesos (£1.02) per share.

Ramon S Ang, president and chief operating officer at SMC, said: “This investment will ensure continuity of the ongoing business operations and strategic plan of SMC and the stability of its organisation. It is a step towards broadening the shareholder base of SMC.”

He went on to say that the SMC’s board of directors believes that the investment is in the long-term interest of the company’s shareholders.

Last month, San Miguel Brewery Incorporated announced that it was to acquire 100 per cent of San Miguel Brewing International Limited with an enterprise value of US$300 million (£187.87 million).

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Sunday, August 20, 9:06 pm

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