San Miguel Pure Foods boosts free-float to avoid delisting

The parent raises $131 million and could lift the free-float of the Philippine food company to 15% from less than 1% to meet the stock exchange’s public ownership requirement.
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The San Miguel group is best known for its beer brands
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<div style="text-align: left;"> The San Miguel group is best known for its beer brands </div>

Philippine conglomerate San Miguel Corp has raised Ps5.4 billion $131 million from a fully marketed sale of shares in its subsidiary, San Miguel Pure Foods, after pricing at the bottom of the indicative range. The deal closed on Monday after a week of bookbuilding.

The offer was made up entirely of secondary shares sold by San Miguel Corp and the subsidiary does not receive any of the proceeds from the offering, according to a preliminary offering circular filed last week. San Miguel Corp, which owned 99.92% of San Miguel Pure Foods prior to the transaction, will use the proceeds for general corporate purposes. Given the small amount of shares in...

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