Philippines' San Miguel issues shares for $600 million exchangeables

By Jennifer Chiou

New York, March 5 - San Miguel Brewery Inc. announced that it issued 76,775 of its common shares on March 1 as a result of Morgan Stanley & Co. International's exercise of its exchange right under the company's $600 million exchangeable bonds.

The exchange price was PHP 112.90 per share at a fixed exchange rate of PHP 43.34 per dollar.

San Miguel Brewery, a subsidiary of San Miguel Corp., is a Mandaluyong City, Philippines-based producer of beer.

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