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The stocks, equivalent to a 27.6% stake in San Miguel, represent common shares exchanged for dividend-yielding preferred shares offered by San Miguel as an exit window for shareholders who don't agree with the company's decision to diversify into heavy industries.
San Miguel has so far acquired stakes in oil refiner Petron Corp. (PCOR.PH), power distribution Manila Electric Co. (MER.PH), and in a consortium building a toll road north of Manila.
The preferred shares carry a fixed, annual dividend of 8% and will eventually be listed on the Philippine Stock Exchange.
The special block sale of the shares was initially scheduled Friday, but had to be delayed because some of San Miguel's staff were affected by Typhoon Ketsana.
-By Cris Larano, Dow Jones Newswires; 632-848-5051; cris.larano@dowjones.com
(END) Dow Jones Newswires
10-02-09 0342ET
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