SMC sells Rockwell Land shares to Lopez family

MANILA, Philippines - Diversifying conglomerate San Miguel Corp. (SMC) has sold its shares in Rockwell Land Corp. to the Lopez family’s First Philippine Holdings Corp. (FPHC), for P1.37 billion.

In a disclosure to the Philippine Stock Exchange, FPHC said it purchased SMC’s 681.646 million shares in Rockwell or around 11.1 percent of the newly-listed property firm’s outstanding capital, at P2.01 each share.

The purchase effectively hikes FPHC’s stake in Rockwell to about 87 percent from 76 percent.

The shares will be crossed at the local bourse’s facilities upon its approval of the special block sale.

FPHC said the transaction “serves to further consolidate FPHC’s ownership in Rockwell Land, its flagship for residential and commercial real property development.”

The sale follows FPHC’s purchase of Metro Pacific Investment Corp. and PLDT Communications & Energy Ventures’ combined 25 percent stake or 11.52 billion common shares in Rockwell at the same price for a total consideration of P3.06 billion.

When Manila Electric Co. declared as property dividend its 51 percent stake in Rockwell, shareholders of Meralco including Beacon and SMC, received such shares in the property firm.

SMC opted to divest its shareholdings in Rockwell since it conducts real estate business through its unit San Miguel Properties Inc.

Rockwell, which caters to the high-end segment of the market, listed by way of introduction or without undertaking an initial public offering.

The company’s flagship project, Rockwell Center, now consists of seven high- rise residential buildings, an upscale shopping mall (Power Plant Mall), an exclusive leisure club (Rockwell Club), a graduate school and two office buildings owned by Nestle Philippines and the Phinma Group.