Doris C. Dumlao
Philippine Daily Inquirer
MANILA, Philippines—Credit Suisse (Hong Kong) Ltd. has acquired P860 million worth of San Miguel Corp. common shares earlier this month, thus completing its committed price stabilization program in the aftermath of a secondary share sale by the diversifying conglomerate.
In a disclosure to the Philippine Stock Exchange on Tuesday, SMC posted an advisory from Credit Suisse on the latter’s exercise of the over-allotment option and the completion of the price-stabilizing actions in relation to the recent equity deal.
From May 5 to 20, Credit Suisse acquired a total of 7.88 million shares at an average price of P109.18 each as part of its task as stabilizing manager for the offering.
The purchases helped SMC’s share price firm up in the aftermath of the secondary share sale priced at P110 a share.
On May 5 when secondary common shares placed out to new investors were crossed, SMC shares closed at P109.50, which was the same closing price when Credit Suisse completed its acquisition of 7.88 million shares on May 20.
Read here
Philippine Daily Inquirer
MANILA, Philippines—Credit Suisse (Hong Kong) Ltd. has acquired P860 million worth of San Miguel Corp. common shares earlier this month, thus completing its committed price stabilization program in the aftermath of a secondary share sale by the diversifying conglomerate.
In a disclosure to the Philippine Stock Exchange on Tuesday, SMC posted an advisory from Credit Suisse on the latter’s exercise of the over-allotment option and the completion of the price-stabilizing actions in relation to the recent equity deal.
From May 5 to 20, Credit Suisse acquired a total of 7.88 million shares at an average price of P109.18 each as part of its task as stabilizing manager for the offering.
The purchases helped SMC’s share price firm up in the aftermath of the secondary share sale priced at P110 a share.
On May 5 when secondary common shares placed out to new investors were crossed, SMC shares closed at P109.50, which was the same closing price when Credit Suisse completed its acquisition of 7.88 million shares on May 20.
Read here
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