MANILA Jan 13 (Reuters) - The Philippines' Top Frontier Investment Holdings Inc, the controlling shareholder of San Miguel Corp, fell as much as 54 percent in its market debut on Monday, which followed San Miguel's near pull-out from the company.
Shares of Top Frontier were at 93 pesos apiece in early trade, against an initial price of 178 pesos per share based on valuation issued by independent advisor Punongbayan & Araullo.
Before this year, there was a cross-ownership between Top Frontier and San Miguel, with the investment firm holding 66.1 percent of the Philippines' most diversified conglomerate. San Miguel, on the other hand, owned 49 percent of Top Frontier's outstanding capital.
On Jan. 2, San Miguel distributed to its shareholders dividends of 240.2 million common shares in Top Frontier, with its holdings in the investment firm falling to under 1 percent after the transaction.
Top Frontier, valued at around $2 billion, debuted in the market without selling stock in an initial public offering, or via a listing by way of introduction. (Reporting by Rosemarie Francisco; Editing by Christopher Cushing)