San Miguel Properties completes acquisition of bank shares

The property arm of San Miguel Corp. has completed the acquisition of additional shares in Bank of Commerce (BOC), the banking unit of San Miguel. San Miguel Properties told the Philippine Stock Exchange on Wednesday that it has paid Valiant Ventures and Development Holdings Inc. Tuesday the remaining P657.16 million, representing 75 percent of the total consideration of P876.2 million. According the San Miguel Properties statement, the transaction has been approved by the Bangko Sentral ng Pilipinas. In January, San Miguel Properties paid P219 million, representing 25-percent downpayment for the acquisition. Owing to the transaction, the San Miguel group has raised its stake in Bank of Commerce to 59.16 percent. -- CMA/OMG, GMA News