November 8, 2017 / 7:53 AM / in a year

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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