Tycoon Ramon S. Ang is infusing around P10.8 billion into Top Frontier Investment Holdings Inc. which is the controlling shareholder of diversified conglomerate San Miguel Corporation where his is President and CEO.
In a disclosure to the Philippine Stock Exchange, Top Frontier said Ang’s Far East Holdings Inc. is subscribing to 45 million common shares at the subscription price of P241.42 per share.
This comes after Top Frontier’s Board of Directors approved the valuation of the common shares of the Corporation based on the independent valuation performed by the FTI Consulting, Inc.
The low end of the valuation was at P196.14 per common share while the high end came out at P286.70 per common share for a midpoint of P241.42 per common share which was used to peg the subscription price.
The Board will appoint authorized signatories for the transaction and their authority to determine the terms and conditions for the subscription to the Subject Shares to best interest of the Corporation.
The shares will be issued upon full payment in cash. The firm did not disclose the purpose of the transaction nor the planned use of the proceeds.