San Miguel gives price guidance for $850 million fundraising

The Philippine conglomerate halts trading in its shares for the duration of the marketing and sets a preliminary price for the equity portion that suggests a maximum 8.5% discount.
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Photo: AFP</div>
<div class="ArticleImageCaption" style="border-width: 0px; text-align: right; padding: 0px; font-size: 7pt; color: rgb(119, 119, 119);"> Photo: AFP</div>

San Miguel Corp, the Philippine conglomerate whose businesses range from beer and food to oil and power production, has given preliminary price guidance for its $850 million offering of new shares and exchangeable bonds to help gauge investor interest.

Yesterday, the company also chose to suspend its stock for the duration of the sale to prevent the share price from falling further during the offering and to give investors a firm benchmark against which to price the new securities. The decision to halt trading came after San Miguel’s share price tumbled 7.5% on Monday and another 4.4% on Tuesday after the company revealed its plan to split the fundraising...

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