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Capital Markets

San Miguel's food unit readies share sale to keep listing

Shareholders approve parent's consolidation of food, beer and liquor assets

Including San Miguel Brewery and Ginebra, the new entity, San Miguel Food and Beverage, will have combined annual sales of 227.3 billion pesos.   © Reuters

MANILA -- San Miguel's food and beverage unit will issue shares to remain listed on the Philippine Stock Exchange, officials said on Thursday, after a consolidation resulted in a breach of the minimum free-float rule.

Shareholders of San Miguel Pure Foods approved its merger with San Miguel Brewery and Ginebra San Miguel in a 336.35 billion pesos ($6.64 billion) share-swap transaction undertaken by their parent San Miguel, the nation's largest company by sales.

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