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Nov 22, 2017 @ 18:39

Foreign investors want a slice of San Miguel’s food and beverage arm

 

The newly-consolidated food and beverage unit of conglomerate San Miguel Corp. is drawing foreign investors looking for acquisitions.

On the sidelines of Eagle Cement’s annual stockholders meeting Wednesday, SMC president Ramon S. Ang said the were looking to sell 30 percent of San Miguel Pure Foods Co., which will be renamed San Miguel Food and Beverage Inc. early next year to raise about $3 billion.

Ang said a lot of companies, mostly foreign, had signified their interest to invest in the new local consumer powerhouse created with the infusion of P336.35 billion worth of shares of San Miguel Brewery Inc. and Ginebra San Miguel Inc.

“Maraming may gusto, puro foreign, malaking kompanya,” Ang said.

The equity offering is aimed at complying with the 20 percent minimum public ownership requirement set by the corporate watchdog.

Pure Foods, which sells processed meat, poultry and dairy products and animal feeds, currently has a minimum public float of 14.6 percent.

Ang said they intend to eventually fold the packaging business into Pure Foods as part of the consolidation of SMC’s traditional businesses.

Meanwhile, Ang said Japanese brewer Kirin Holdings will remain as stockholder of San Miguel Brewery.

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