On the Street: San Miguel Selling Part of Food Unit
February 2/BusinessWorld -- San Miguel Corp. will sell up to 40% of its food subsidiary to raise more funds for its ambitious diversification strategy, repeating a similar move in its brewery business last year.
The plan also involves selling food brands and other intellectual property to unit San Miguel Pure Foods Company Inc. to raise 3.2 billion Philippine pesos. The food and beverage conglomerate will also sell its 51% stake in San Miguel Pure Foods Investment Ltd. (BVI) to overseas unit San Miguel Pure Foods International Ltd.