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Nov 6, 2017 @ 12:23

SMC folds beer, alcohol units into Pure Foods

 

San Miguel Corp. is consolidating all its food and beverage businesses into San Miguel Pure Foods Co. Inc.

To be folded into Pure Foods are San Miguel Brewery Inc. and Ginebra San Miguel Inc. via a P336.35 billion share swap transaction.

The consolidation process will start with the acquisition by SMPFI of 7.86 billion shares in SMB and 216.97 million shares in GSM and the issuance of 4.24 billion shares to SMC.

With its new thrust, Pure Foods will be renamed San Miguel Food and Beverage Inc.

Under the proposed deal, Pure Foods shall slash the par value of its common shares to P1 each from P10 and increase its authorized capital from P2.46 billion to P12 billion, comprising 11.6 billion shares and 40 million preferred shares with a par value of P10 each

SMC shall subscribe to 4.24 billion shares or 44 percent of the increase in Pure Foods’ capital.

Standard Chartered Bank has been tapped as transaction advisor while ING Bank NV will serve as independent financial advisor for the share swap.

A tender offer will be made for SMB and GSM common shares held by minority shareholders in connection with the share swap transaction.

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