San Miguel plans to sell shares

San Miguel Corp., the Philippine food and beverage group, recently reported to the “Philippine Daily Inquirer“ that it expects to raise US$ 430 million to US$ 650 million through the sale of treasur…

San Miguel Corp., the Philippine food and beverage group, recently reported to the “Philippine Daily Inquirer“ that it expects to raise US$ 430 million to US$ 650 million through the sale of treasury shares to a strategic investor. The shares are equivalent to a 10% stake in San Miguel. The company plans to use proceeds from the share sale to acquire either a Thai food and beverage concern or two large local food and beverage companies, a San Miguel official said. The buyer of the treasury shares will be given the right to acquire an additional 5% stake through a fresh capital infusion. San Miguel has an estimated 250 million unissued shares out of its PHP 3 billion authorized capital. Three foreign companies – two European and one Japanese – have already been shortlisted as potential strategic investors, the official said.