San Miguel Pure Foods share offer to be priced at discount

Reuters

Posted at Nov 12 2012 04:32 PM | Updated as of Nov 13 2012 02:35 AM

MANILA - Philippine conglomerate San Miguel Corp  will sell up to P7.5 billion ($183 million) worth of secondary shares in its food unit at a steep discount to the current market price to raise San Miguel Pure Foods' public float. 

Pure Foods shares will be sold at a range of P240-300  each, less than half of the current share price of P700, an official of Maybank Kim Eng, one of the firm's underwriters, said at an investors' briefing.