Pursuits
San Miguel Chairman Sells 14.7% Stake for $879 Million
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San Miguel Corp. Chairman Eduardo Cojuangco sold a 14.7 percent stake in the Philippines’ largest company at a discount to President Ramon Ang and its majority shareholder, raising 37 billion pesos ($879 million).
Ang and majority shareholder Top Frontier Investment Holdings Inc. paid 75 pesos a share under an option agreement granted in 2009, according to San Miguel statements today. San Miguel fell 1 percent to 114 pesos in Manila trading today.