San Miguel Properties completes BanCom buy-in

San Miguel Properties Inc. (SMP) and San Miguel Retirement Plan have completed the acquisition of 34 percent or 10 million common shares of the total outstanding capital stock of the Bank of Commerce. SMP and the fund invested P2 billion for the shares at P200 each. The property firm is supposed to put up P1.749 billion from its internally generated funds. In 2007 SMP had said its decision to buy into the bank was hinged on its need to have a ready credit line for its projects and prospective clients. The acquisition would also give the San Miguel group more access to financing for its operations. The acquired lender would service the financing needs of San Miguel's dealers, agents and wholesales for depository and payment channels, guaranteed letter of credit, credit lines, loans and discounts, SMP said.

in Manila Times by Likha C. Cuevas-Miel
April 25, 2008
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