October 25, 2018 / 3:47 AM / 8 months ago

San Miguel prices food unit's shares at low end of range, to raise $634 mln

MANILA, Oct 25 (Reuters) - Philippine conglomerate San Miguel Corp on Thursday priced shares in its food and beverage unit at the bottom of an indicative selling range, seeking to raise 34 billion pesos ($634 million) in Southeast Asia’s worst-performing market so far this year.

San Miguel is selling 400.94 million shares in San Miguel Food and Beverage Inc for 85 pesos ($1.58) apiece, the low end of a 85 to 95 pesos marketing range, the consumer firm said in a statement.

Last week, San Miguel slashed the size of the share sale by almost half, as a weak stock market thwarted what could have been the country’s biggest-ever secondary offering.

The price range compared with a regulatory filing price of up to 140 pesos per share and versus the food unit’s current price of 82.30 pesos. ($1 = 53.7500 Philippine pesos) (Reporting by Neil Jerome Morales and Anshuman Daga; Editing by Christopher Cushing and Richard Pullin)

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