deed of sale of shares with assignment of subscription rights
peaceful possession
operating permits
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San Miguel acquires add'l 7% stake in Bank of Commerce
01.14.11 MANILA, Philippines - The real estate arm of conglomerate San Miguel Corp has acquired a 7.16% interest in Bank of Commerce, hiking the San Miguel group's stake in the commercial bank to over 59%.
In a disclosure to the stock exchange on Jan. 14, San Miguel Properties Inc said the deal was "by way of a Deed of Sale of Shares with Assignment of Subscription Rights with Valiant Ventures and Development Holdings, Inc."
"The purchase is still subject to completion and submission of parties of the standard closing conditions, including corporate approvals," San Miguel Properties said.
No additional information, including the deal price, was provided.
In 2010, San Miguel Properties sold its 31% stake in the bank to San Miguel Retirement Fund [12], which is the retirement fund for San Miguel employees. This increased San Miguel Retirement Fund's stake in the bank to 52%
San Miguel first acquired shares in Bank of Commerce in 2008
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