Quick takes from around the market
1. San Miguel [SMC 105.30, up 2.5%; 433% avgVol] [link] clarified that its President and CEO, Ramon Ang, made an “indirect” investment in Metro Pacific (MPI) “in his personal capacity”. SMC went on to reveal that Mr. Ang’s investment in MPI was “on the invitation of Mr. Manuel V. Pangilinan”, and that Mr. Ang was elected to MPI’s board of directors at a meeting held on October 17. The original reporting did not mention the size of Mr. Ang’s investment, but did quote a “ranking Metro Pacific source” as saying that Mr. Ang’s investment was a “prelude” to the eventual merger of the SMC and MPI tollroad businesses “that could potentially be a huge initial public offering.”
