San Miguel’s F&B arm raises P34.08B from re-sale of shares
San Miguel Food and Beverage Inc. successfully raised P34.08 billion from its follow-on offering despite volatile markets.
In a disclosure to the Philippine Stock Exchange, SMFB said the offering was completed on Nov. 6 wherein a total of 400.94 million common shares were sold at P85 apiece.
SMFB is the country’s leader in beer, gin, branded processed meat, butter, animal feeds and fresh meat.
Its parent firm San Miguel Corp. plans to use proceeds from the share sale to invest in existing businesses as it pursues an aggressive expansion program to spur faster growth.