SAN Miguel Properties Inc. (SMPI) and San Miguel Corp. Retirement Plan (SMCRP) said Thursday they have completed the purchase of 10 million common shares in Bank of Commerce (BOC).

The transaction, valued at P2 billion, was initiated last October. SMPI and SMCRP now own 34 percent of the bank, with the former accounting for 30 percent and 4-percent belonging to the retirement fund.

SMPI, which is the property arm of food and beverage giant San Miguel Corp. (SMC), said the rationale of pursuing investment in BOC is to give their prospective investors ready access to mortgage financing for its real-estate projects.

The bank, on the other hand, will benefit by tapping SMPI’s customer base and offering them investment and deposit products, credit cards, home improvement and appliance financing.

The services of the bank could likewise tapped by the San Miguel Group to provide financing for its diverse and nationwide operations, particularly to service the financing needs of dealers, agents and wholesalers for depository and payment channels, guarantees, letters of credit, credit lines, loans and discounts.

SM Prime Holdings Inc. (SMPH), the shopping mall development arm of the Sy group, is spending P1 billion for the construction of its fourth mall in China later this year.

Microsoft banks on Server ’08 to widen lead

CEBU CITY—Microsoft Philippines is banking on Windows Server 2008 to widen its dominance in the server software market.

SAN Miguel Properties Inc. (SMPI) and San Miguel Corp. Retirement Plan (SMCRP) said Thursday they have completed the purchase of 10 million common shares in Bank of Commerce (BOC).

FIRST Abacus Financial Holdings Corp. will bid for the trading rights of suspended stockbroker Asian Capital Equities Inc. (ACEI).

SEEING a strong potential in the Philippine property market, global provider of outsourced workplace solutions Regus Group is keen on expanding here by putting up at least two more business centers this year.

PRIMER Group of Companies projects sales of World Traveller bags and luggage to triple this year as a European collection has been introduced in the Philippine market to support its American lines.

HSBC chief economist Frederic Neumann is back in town and has been talking to the bank’s favorite clients and key personnel. Basically, he talked about the Philippines and the rest of the world.