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Philippine business group buys 28 pct of SanMig for $1.36 bln

Thu Nov 26, 2009 10:40pm EST

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MANILA, Nov 27 (Reuters) - Philippine firm Top Frontier Investment Holdings Inc said on Friday it bought 28 percent of food-to-power conglomerate San Miguel Corp (SMCB.PS) for 64.3 billion pesos ($1.36 billion).

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Top Frontier counts Roberto Ongpin, an ally of San Miguel President Ramon Ang, as a key shareholder.

The acquisition involved 857.12 million shares bought from the San Miguel retirement fund at 75 pesos apiece.

Most of the shares acquired were A shares (SMC.PS), open only to Filipinos, which were last traded up 6.11 percent at 69.50 pesos.

(Reporting by Manolo Serapio Jr.)

((manolo.serapio@thomsonreuters.com; +632 841 8936; Reuters Messaging: manolo.serapio.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))
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