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Article: DoF taps coco levy fund for SMC rights.(Business)
- Article from:
- Manila Bulletin
- Article date:
- March 31, 2005
CopyrightCOPYRIGHT 2005 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: LEE C. CHIPONGIAN
The Department of Finance is proposing to use Coconut Industry Investment Fund money to buy shares and participate in the stock rights offer of San Miguel Corp.
DoF Assistant Secretary Jude Ocampo said the proposal was forwarded yesterday to Malacanang for review and approval. "There is a plan to buy San Miguel shares using CIIF money and we have submitted (the proposal) to Malacanang," he said.
United Coconut Planters Bank manages the CIIF money by investing these funds in corporations involved in coconut-related industries. The governments 27 percent stake in San Miguel is also called the CIIF block.
UCBP ...