San Miguel Food and Beverage Inc. to sell shares at ₱85 each

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Metro Manila (CNN Philippines, October 26) — Amid the struggling stock market environment, diversified conglomerate San Miguel Corporation (SMC) is selling common shares of its food and beverage unit at a fixed price.

Shares of the San Miguel Food and Beverage Inc. (FB) will be sold to institutional investors at ₱85.00 each, the company announced in a disclosure to the Philippine Stock Exchange (PSE).

"This is to advise that SMC shall offer its 400,940,590 common shares in the Company in a secondary sale transaction to institutional investors inclusive of the PSE Trading Participants' share allocation, with an over-allotment option of up to 60,141,090 common shares at a price of ₱85.00 per share," the company said.

Payment and delivery of the shares is on November 12, 2018.

Trading of FB stocks ended at ₱85.50 Friday, 3 percent higher than its last share price of ₱83.00.

San Miguel Food and Beverage Inc. is the consolidation of all of SMC's food and beverage businesses, which includes the subsidiaries Magnolia, Monterey, Purefoods, San Miguel Brewery and Ginebra San Miguel Inc.