MANILA, Aug 23 (Reuters) - The food and beverage unit of Philippine conglomerate San Miguel Corp is seeking regulatory approval to sell more than one billion existing shares, in line with its plan to raise up to $3 billion to fund its expansion program.
San Miguel Food and Beverage Inc filed for the registration of up to 887 million shares, with an option to sell up to 133.05 million more shares to cover strong demand, the Philippines’ corporate regulator said on Thursday.
Shares in San Miguel Food and Beverage rose as much as 12.8 percent in early trading.
The fund-raising comes after the parent company moved to combine through a share swap its food and beverage assets valued at 336 billion Philippine pesos ($6.31 billion) in November. ($1 = 53.2840 Philippine pesos) (Reporting by Neil Jerome Morales Editing by Darren Schuettler)