San Miguel Food trading suspended after public float falls
The Philippine Stock Exchange suspended trading in shares of San Miguel Food and Beverage Inc. (SMFB) Friday after its public float fell below the minimum public ownership requirement.
The public ownership of SMFB fell below 10 percent following the transfer of shares between SMFB and its parent company San Miguel Corp.
SMFB issued 4.24 billion shares of SMFB to SMC pursuant to the share swap transaction forged on April 5, 2018.
To meet the minimum public ownership rule, SMC’s consolidated food and beverage arm SMFB plans to undertake a follow-on offering which is estimated to raise at least $1.5 billion.
SMFB was last traded on July 5 at P62 each share.