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Philippines' San Miguel plans $2.7 billion share sale in food unit

Staff Writer |
Philippine conglomerate San Miguel said it was selling a $2.7 billion stake in its food and beverage unit San Miguel Food and Beverage.

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The share sale, the biggest ever secondary offering in the country, is part of the parent firm’s asset restructuring plan announced last year to inject its food and beverage assets worth 336 billion pesos ($6.3 billion) into the unit via a share swap.

San Miguel said on Thursday it was seeking regulatory nod to sell up to 1.02 billion shares in the unit at up to 140 peso each, or a 75 percent premium to Wednesday’s close of 80 peso.

Shares of San Miguel rose 12.7 percent to their highest since 2011, while shares of San Miguel Food and Beverage shot up 16 percent to 92.85 peso - a level unseen since 2012.

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