The Philippines: San Miguel Corp. consolidates food and beverage businesses under San Miguel Food and Beverage Inc.
Diversified conglomerate San Miguel Corp. (SMC) has consolidated its food and beverage business under San Miguel Food and Beverage Inc. (SMFB), formerly known as San Miguel Purefoods Co., GMA News reported on April 6.
The consolidation came after the two companies signed a deed of exchange, in which SMC transferred to SMFB 7.859 billion common shares of beer business San Miguel Brewery Inc. and 216.972 million shares of liquor arm Ginebra San Miguel Inc. for a total transaction value of P336.349 billion, SMFB corporate secretary said in a regulatory filing on April 5.
In November last year, SMC bared plans to consolidate its food and beverage businesses and San Miguel Purefoods, which will then be renamed as SMFB.
On March 23, 2018, the Securities and Exchange Commission (SEC) approved the change of San Miguel Purefoods' corporate name to reflect the company’s expansion into the alcoholic and non-alcoholic beverage business.
As consideration for its acquisition of the exchange shares, SMFB shall issue unto SMC 4,242,549,130 common shares of its capital stock or the new shares of SMFB.
The issuance of the new SMFB shares to SMC and transfer of the exchange shares to SMFB is conditioned upon the approval by the SEC, according to the company.
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