November 8, 2017 / 7:54 AM / 3 months ago

Subsidiary of Philippines' San Miguel to raise $3 billion via share sale

MANILA (Reuters) - The food and beverage unit of Philippine conglomerate San Miguel Corp (SMC.PS) plans to raise around $3 billion through a share sale early next year.

    San Miguel Pure Foods Co Inc (PF.PS), which will be renamed San Miguel Food and Beverage Inc, plans a follow-on offering in February next year, San Miguel President Ramon Ang told Reuters in a text message.

    The diversified conglomerate on Monday moved to transfer to Pure Foods its core brewery and alcohol assets valued at 336 billion pesos ($6.6 bln).

    Reporting by Neil Jerome Morales; Editing by Clarence Fernandez

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