January 1, 2011San Miguel Properties Inc. has acquired an additional 7.16 percent stake in Bank of Commerce, raising the stake of the San Miguel group in the bank to 59.16 percent. In a disclosure to the Philippine Stock Exchange, SMPI said the acquisition was by way of a deed of sale of shares with assignment of subscription rights from Valiant Ventures and Development Holdings Inc. SMPI said the sale is subject to completion and submission of parties of the standard closing conditions, including corporate approvals. The acquisition was approved by the SMPI board of directors last December.