SAN MIGUEL Corp. (SMC) has spent P147.81 million more in its infrastructure unit to finance the 23-kilometer Metro Rail Transit Line 7 (MRT-7) route, the corporation told the local stock exchange on Friday.

Ramon S. Ang-led SMC claimed in the regulatory filing that the disbursement to San Miguel Holdings Corp. resulted from the earnings of its Subseries J offer of its Series 2 preferred stock.

As of Nov. 30, the outstanding Common and Preferred Securities of the J Sub-Series of the Business were reported at 266 million.

MRT-7, a flagship government initiative, will operate between Quezon City North Avenue and San Jose del Monte City, Bulacan. SMC unit SMC Mass Rail Transit 7, Inc. is conducting the project in collaboration with the Department of Transportation.

The Transportation Agency stated earlier that MRT-7 was on schedule for partial operations next year as the project achieved a completion pace of 51.84 per cent in June.

Last month, SMC announced a third-quarter net income of P15 billion, up from P13.54 billion, which was recorded year-on-year as business divisions began to bounce back. The group said it returned to profit after a net loss of P4 billion in the first six months of 2020 as the government eased the quarantine steps in Metro Manila and main cities.

Separately, the conglomerate indicated in a statement on Monday that it had extended cash assistance of P20 million for single casualties and eight wounded in the latest accident at the Skyway Extension Project site in Cupang, Muntinlupa.

It said that the figure was in comparison to the medical and other expenditures borne by its Skyway project contractor, EEI Corp.

“I have been profoundly saddened by the suffering that this has brought them and have been evaluating various avenues to assist the victims of this tragic event, aside from what our contractor EEI has provided them. I hope this amount will be a step in helping them restore their lives. With the right help, we will all conquer adversity and have a complete life,” said Mr. Ang.

The EEI is the body that oversees the design of the project. The mishap included the crane of its subcontractor, which lost its control and struck the steel girder, allowing it to crash on the cars.

Mr. Ang earlier made a formal apology and vowed to address the demands of the victims.


Please enter your comment!
Please enter your name here