San Miguel voluntarily suspends trading of shares

Following disclosure that it will be offering common shares to fund its infrastructure business, among others, diversifying conglomerate San Miguel Corp. has voluntarily suspended the trading of its common and series "1" preferred shares. In a letter to the Philippine Stock Exchange on Wednesday, the diversifying conglomerate cited the "nature and sensitivity of the offer" as the reason for the voluntary trading suspension, which will take effect from April 13, 2011 to May 4, 2011. "A suspension of trading will deter any speculative transactions and allow the public the opportunity to carefully analyze and consider investing in the Offer Shares," the company said in a letter. Virgilio S. Jacinto, San Miguel general counsel and corporate secretary, signed the letter. Last Monday, San Miguel announced that it would be raising $850 million in fresh capital through an offer of common shares and convertible bonds. San Miguel has earlier announced that it is buying 51 percent of the Universal LRT Corp., which was commissioned to build the Metro Rail Transit Line 7 that will run from Quezon City to Bulacan. The conglomerate is also eyeing other investments in other light rail transit projects in Cebu, Cagayan de Oro, Davao, Iloilo and a bullet train railway to run from Laoag to Bicol. -- CMA/OMG, GMA News