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San Miguel Corp set to recoup US$2.6bn in food and drinks unit share sale

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Philippines-based conglomerate San Miguel Corp has confirmed it seeks to raise more than PHP140bn (US$2.6bn) by selling off a 20% stake in its restructured food and beverage business.

San Miguel Corp is attempting to combine three of its units into one food and beverage division

San Miguel Corp is attempting to combine three of its units into one food and beverage division

Last year, San Miguel announced it would combine its San Miguel Pure Foods, San Miguel Brewery and Ginebra San Miguel divisions into a new unit called San Miguel Food & Beverages. The move has received shareholder approval but regulatory approval depended on the company broadening the ownership of the new entity. Subsequently, the group said earlier this month that it was preparing to divest 20% of the unit.

Earlier today, in a note to the Philippine Stock Exchange, the company confirmed a media report that it has set a PHP140-per share indicative offer price. This would set the value of the stake at PHP142.8bn, making it one of the largest share sales in Philippine corporate history.

San Miguel said it will make another announcement when the share price is "finally determined and established".

The indicative price already offers a strong premium on San Miguel Food & Beverage's stock value, which was PHP80 ahead of the announcement. Today, the stock jumped to just over PHP92.

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