Mall tycoon Henry Sy reportedly bought P560 million worth of shares of San Miguel Brewery Inc. during its initial public offering (IPO) on May 12. Brokers said that Henry Sy bought nearly six percent of San Miguel Brewery or 886.10 million shares, making him the biggest local individual investor. Local offering underwriter BDO Capital and Investment, Inc. (BDO Capital), part of the Sy conglomerate said that Sy's "personal investment" amounted to "a few hundred million pesos." Earlier reports showed that the offering was oversubscribed both in foreign and local offerings 1.5 and 0.5 times, respectively. The IPO was priced at P8 per share and closed at P8.50 per share in its initial day of trade. For the first quarter of 2008 San Miguel Brewery had net sales of P12.3 billion, up 13 percent from P10.8 billion in 2007, said San Miguel Corp. chairman Eduardo Cojuangco.
in Malaya by Albert Castro
May 13, 2008
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