San Miguel to buy 34% of Bank of Commerce

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San Miguel Stocks seem to be looking for levels of support...

Maybe this news about buying Bank of Commerce shares will move the stock prices higher :)

http://business.inquirer.net/money/breakingnews/view_article.php?article_id=96366
San Miguel to buy 34% of Bank of Commerce
By Elizabeth Sanchez-Lacson, Doris Dumlao
Inquirer
Last updated 02:04am (Mla time) 10/24/2007

MANILA, Philippines--(UPDATE) Beverage and food group San Miguel Corp., through real estate subsidiary San Miguel Properties Inc. and San Miguel Corporation Retirement Fund, is acquiring a 34-percent stake in Bank of Commerce for P2 billion.

Note: San Miguel Properties president Jeronimo Kilayko told the Inquirer that Bank of Commerce would become San Miguel Properties’ retail arm for financing as the San Miguel subsidiary forays into the competitive residential condominium market.

Kilayko said San Miguel Properties planned to embark on its first residential condominium project next year on the site of an old San Miguel beer warehouse in Makati City, at the corner of Pasay Road and South Luzon Expressway. Development of the one-hectare property is estimated to cost P3 billion, he said.

San Miguel Properties is also studying a project to be developed on a three-hectare property in Baguio City owned by San Miguel Corp. Details of the project are not yet available.

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