SEC approves merger of San Miguel food units

ABS-CBN News

Posted at Aug 31 2010 04:23 PM | Updated as of Sep 01 2010 12:23 AM

MANILA, Philippines - The Securities and Exchange Commission has approved the merger of two subsidiaries of San Miguel Pure Foods Company Inc.'s (SMPFC).

In a disclosure to the Philippine Stock Exchange on Tuesday, SMPFC said the SEC gave its nod for the merger of Monterey Foods Corp. and San Miguel Foods Inc. (SMFI).

The surviving entity in the merger would be SMFI.

The merger will be implemented on September 1.

Before the approval of the merger, SMPFC owned 100% and 97.7% of the capital stock of SMFI and Monterey, respectively.

With the merger, SMFI will be 99.97% owned by SMPFC.