MANILA Nov 20 San Miguel Corp, the
Philippines' most diversified conglomerate, said on Tuesday it
has priced a secondary share offer of up to 25 million shares in
its food unit at the low end of its indicative range and at a
steep discount to market price.
San Miguel is selling a 15 percent stake in San Miguel Pure
Foods Co Inc at 240 pesos, just slightly a third of the
current market price of 680 pesos, in an offer that would raise
6 billion pesos ($146 million).
San Miguel had announced a price range of 240 pesos to 300
pesos per Pure Foods share ahead of an international roadshow
held last week.
The offer, which includes 2.5 million shares to cover
over-allotments, will be crossed at the stock exchange on Nov.
21, San Miguel said in a filing.
The share sale will lift Pure Foods's public float to up to
15 percent from the current 0.08 percent, allowing the firm to
comply with a yearend deadline set by the Philippine Stock
Exchange for listed companies to have a 10 percent minimum
($1 = 41.1850 Philippine pesos)
(Reporting by Erik dela Cruz; Editing by Rosemarie Francisco)