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.
