San Miguel may face penalties for alleged disclosure rule violation
01/14/2009 | 06:39 PM
MANILA, Philippines - San Miguel Corp. may face penalties owing to its alleged violation of disclosure rules regarding its possible acquisition of a company that controls Petron Corp., the Philippines’ largest oil refiner.
San Miguel was asked to justify why it should be excused from sanctions arising from its alleged violation of Philippine Stock Exchange’s (PSE) disclosure rules, the bourse said in its show cause order.
The PSE on Monday sought additional information from San Miguel, Southeast Asia’s largest food and beverage conglomerate, regarding its option agreement with SEA Refinery Holdings B. V.
However, on Tuesday, San Miguel failed to provide additional details regarding the venture, saying it was bound by a confidentiality agreement.
It was under no obligation to provide more details about its agreement with SEA Refinery Holdings B.V., San Miguel said.
SMC and SEA BV entered into an agreement which will allow SMC to fully acquire Sea Refinery Corp., a unit of SEA BV which owns 50.1 percent of Petron.
San Miguel also added that it would be unable to provide the PSE with a copy of the agreement with SEA BV, especially that the latter has "no relationship or disclosure obligation" to the regulator.
Last week, San Miguel nominees including its president, Ramon S. Ang, sat as Petron’s chairman, replacing Nicasio I. Alcantara, who will still serve as director.
Ang also replaced newspaper columnist Carmen N. Pedrosa in the board.
San Miguel Chairman Eduardo M. Cojuangco, Jr. also came onboard, replacing Ashmore representative Craig Webster.
San Miguel board member Estelito P. Mendoza replaced Petron director and former presidential management staff head Michael T. Defensor.
Angelico T. Salud was elected as the company’s independent director.
Petron President Eric O. Recto will retain his position while San Miguel Pure Foods Co. Inc. Vice-President Emmanuel E. Eraña will become Petron chief finance officer, BusinessWorld said in a report.
San Miguel Corporate Technical Services Vice-President Lubin B. Nepomuceno was named Petron’s general manager.
In a separate disclosure, San Miguel also confirmed reports that it would pay Ashmore $10 million to maintain its option to purchase SEA Refinery.
Shares of San Miguel remained unchanged at P40.00 during Wednesday’s trading at the PSE while Petron shares fell P0.10 to P4.80 during the same trading day. - GMANews.TV
San Miguel was asked to justify why it should be excused from sanctions arising from its alleged violation of Philippine Stock Exchange’s (PSE) disclosure rules, the bourse said in its show cause order.
The PSE on Monday sought additional information from San Miguel, Southeast Asia’s largest food and beverage conglomerate, regarding its option agreement with SEA Refinery Holdings B. V.
However, on Tuesday, San Miguel failed to provide additional details regarding the venture, saying it was bound by a confidentiality agreement.
It was under no obligation to provide more details about its agreement with SEA Refinery Holdings B.V., San Miguel said.
SMC and SEA BV entered into an agreement which will allow SMC to fully acquire Sea Refinery Corp., a unit of SEA BV which owns 50.1 percent of Petron.
San Miguel also added that it would be unable to provide the PSE with a copy of the agreement with SEA BV, especially that the latter has "no relationship or disclosure obligation" to the regulator.
Last week, San Miguel nominees including its president, Ramon S. Ang, sat as Petron’s chairman, replacing Nicasio I. Alcantara, who will still serve as director.
Ang also replaced newspaper columnist Carmen N. Pedrosa in the board.
San Miguel Chairman Eduardo M. Cojuangco, Jr. also came onboard, replacing Ashmore representative Craig Webster.
San Miguel board member Estelito P. Mendoza replaced Petron director and former presidential management staff head Michael T. Defensor.
Angelico T. Salud was elected as the company’s independent director.
Petron President Eric O. Recto will retain his position while San Miguel Pure Foods Co. Inc. Vice-President Emmanuel E. Eraña will become Petron chief finance officer, BusinessWorld said in a report.
San Miguel Corporate Technical Services Vice-President Lubin B. Nepomuceno was named Petron’s general manager.
In a separate disclosure, San Miguel also confirmed reports that it would pay Ashmore $10 million to maintain its option to purchase SEA Refinery.
Shares of San Miguel remained unchanged at P40.00 during Wednesday’s trading at the PSE while Petron shares fell P0.10 to P4.80 during the same trading day. - GMANews.TV
