MANILA -- San Miguel Corp said Thursday its food unit sought regulator approval to raise up to P142.8 billion from the sale of existing shares.
San Miguel Food and Beverage plans to sell 887,000,000 common shares, with an over allotment 133,050,000 shares at P140 apiece. The shares are held by its parent, San Miguel Corp, SMC told the stock exchange.
A preliminary prospectus for the follow-on offering was filed before the Securities and Exchange Commission on Wednesday, SMC said, confirming a newspaper report.
San Miguel Food and Beverage's net income grew 20 percent to P15.4 billion in the January to June period, compared to the first half of 2017.
Shares of the company were up 8.75 percent to P87 in early trading on Thursday, compared to a 0.39 percent advance in the main index.
San Miguel Food and Beverage is the consolidation of San Miguel's beverage business into Purefoods, which was completed this year.