PureFoods set to redeem preferred shares

MANILA, Philippines - San Miguel PureFoods Co. Inc. said yesterday it would redeem its old series of preferred shares and use the proceeds to cover cash dividends.

In a filing to the Philippine Stock Exchange, the food processing unit of diversified conglomerate San Miguel Corp. said its board approved the redemption of shares issued by the company on March 3, 2011. The shares will be redeemed at P1,000 each.

“The redemption price of the preferred shares at the amount of P1,000 per share and all accumulated unpaid cash dividends, shall be paid on March 3, 2015 to the relevant stockholders of record as of Feb. 17, 2015,” PureFoods said.

Upon redemption of the preferred shares, PureFoods said the foreign ownership level of the company would still be well within the 40-percent limit.

PureFoods has requested that the trading of the preferred shares be suspended starting Feb.12 or three business days before the record date.

The company’s board has approved a cash dividend of P20 for every preferred share and another P1.20 per common share.

The dividends are payable on March 3, 2015 to stockholders of record as of Feb. 17, 2015, PureFoods said.

PureFoods, which is into the dairy, agro, milling and processed meats businesses, is looking to raise as much as P15 billion from the offering of preferred shares.