06 June, 2019

The Philippines: San Miguel Food and Beverage Inc. has no plan to sell shares this year

San Miguel Food and Beverage Inc., the food and beer business of conglomerate San Miguel Corp., said it has no plan to sell shares this year, the Manila Standard reported on June 5.

SMFB president Ramon Ang said in an interview following the annual stockholders’ meeting the company saw no need to conduct a follow-on offering as it is already compliant with the minimum public ownership requirement of the Philippine Stock Exchange.

The share price of SMFB rose in recent weeks on speculation it would soon go back to the equities market to conduct a follow-on offering. “We have no current plans to conduct any follow-on offering this year,” Ang said.

SMFB conducted a share sale last year to comply with the 10-percent public float requirement after implementing a share swap with San Miguel to facilitate the merger of San Miguel Foods Co., San Miguel Brewery Inc. and Ginebra San Miguel.

Ang said the outlook for SMFB remained positive despite the planned imposition of additional excise tax on liquor products.

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