Purefoods plans P15-B preferred share sale

ABS-CBN News

Posted at Dec 10 2014 06:46 PM | Updated as of Dec 11 2014 02:46 AM

MANILA – San Miguel Purefoods Co. Inc., the food unit of San Miguel Corp., is planning to raise P15 billion through the issuance of preferred shares.

Purefoods is seeking approval from the Securities and Exchange Commission to issue 10 million preferred shares and another 5 million in oversubscription.

The firm is planning to launch the offer in February at P1,000 per share.

The offer period will be from February 16 to March 5, 2015. The issue date was set on March 12, 2015.

BPI Capital Corp., China Banking Corp., RCBC Capital Corp., SB Capital and Investment Corp. and Standard Chartered Bank were tapped as joint issue managers, underwriters and bookrunners for the issue.

Purefoods is in the process of expanding, recently entering the biscuits and snack foods business with the acquisition of the trademark of local biscuits maker La Pacita.

La Pacita, which has been manufacturing biscuits, cookies and crackers for over 90 years, is the firm behind the brands Pasencia, Supreme Flakes, Raisin Cookies, Camachile, Butter Cookies and Club Crackers.

Purefoods has also embarked on the expansion of its flour milling plant in Batangas.