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San Miguel plans record $2.65bn sale of food unit shares

Philippine conglomerate dangles premium to keep unit listed and bankroll growth

San Miguel plans to spend $13.7 billion over the next seven years to grow its businesses.   © Reuters

MANILA -- Philippine conglomerate San Miguel on Thursday said it will hold a 142.8 billion peso ($2.65 billion) share sale to keep its food and beverage unit listed and fund an aggressive expansion push.

The company plans to sell 887 million shares in the food business at an "indicative offer price" of 140 pesos each -- a 75% premium on its closing price of 80 pesos on Wednesday. Another 133 million shares could be sold depending on demand. The setting of the final and the offering are planned for October.

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