San Miguel Pure Foods plan share sale
MANILA , Philippines — The food manufacturing arm of diversified conglomerate San Miguel Corporation is looking to sell shares early 2014 to increase its public ownership.
Depending on market conditions, San Miguel Pure Foods Company Inc. said it may sell additional shares to raise its public float to up to 49%.
“We want to do the follow-on offering and we are looking at the market. We will decide if the market is attractive enough,†company president Francisco Alejo III said.
San Miguel Pure Foods produces and sells feeds, poultry and fresh meats; canned and processed meats; flour; and dairy.
The planned share sale will not only increase the company's public float, it will also raise fresh funds for expansion.
San Miguel Pure Foods earlier said it wants to expand its commodities and value-added businesses to boost earnings. It is also eyeing to export products to neighboring countries in preparation for the ASEAN Free Trade Area by 2015.
Alejo said one option aside from the share sale is to get a strategic investor who will help enhance the company's operations.
“We are also considering that, if there are interested parties,†he said.
In 2012, San Miguel sold 25 million shares in San Miguel Pure Foods to comply with the 10% minimum public ownership requirement. (FREEMAN)
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