San Miguel Corp has completed a PHP17.8bn (US$325m) stock rights offer. It expects to use some of the proceeds to fund expansion.
 
The Philippine food and drinks giant issued 284.6m shares, around 10% of the company's stock, which were sold on the stock exchange yesterday (7 April).

"The positive response of stockholders to the rights offering manifests their confidence in the company's bid to become among the leading companies in Asia," said San Miguel chairman and chief executive Eduardo Cojuangco in a statement.