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San Miguel slashes share sale amid equities rout

Philippine group's expansion at risk now that it expects to raise less capital

San Miguel said capital outflows from emerging markets has caused a sharp drop in stock prices.   © Reuters

MANILA -- Philippine conglomerate San Miguel on Thursday halved the size of a stake it planned to sell in its food and beverage unit and slashed the indicative price range due to deteriorating equities markets.

The group now plans to sell a maximum of 523 million San Miguel Food and Beverage shares at 85 to 95 pesos ($1.57 to $1.76) apiece, sharply lower than the up to 1 billion shares it planned to sell at 140 pesos apiece when the offering was announced on Aug. 23.

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