Philippine food and drink conglomerate San Miguel Corp has set a February 18 record date for the stock rights offering it announced in December.
Shareholders that can participate in the stock rights issue will have the right to purchase one new share for every 10 San Miguel shares held. [

In December, San Miguel Corp announced plans to issue additional shares equivalent to 10% of its outstanding capital stock.

In a disclosure to the Philippine stock exchange, the food and drinks giant said that the shares to be issued will come from its treasury shares, which are stocks reacquired by the company and are available for retirement or resale.