Purefoods for Sale

[pioneer]

By JAMES A. LOYOLA
Manila Bulletin

San Miguel Corporation (SMC) hopes to wrap up negotiatations for the direct sale of a 49 percent stake in subsidiary San Miguel Pure Foods Company within one month but is keeping its option to do a public offer if it doesn’t come to terms with one of the suitors.

In an interview, SMC president Ramon S. Ang said the original plan for SMPFC was to sell a 49 percent stake via a follow-on offering of secondary shares. However, Ang said there were offers for a direct acquisitions so SMC has to consider these offers since it is much faster and cheaper to sell the stake directly to one buyer instead of undergoing a public offer.