San Miguel Corp, one of the Philippines' biggest companies, said Tuesday it would sell 75 billion pesos' (1.63 billion dollars') worth of shares to fund new investments.
"The proceeds will be used to finance investments and acquisitions of the company," it said in a brief statement filed to the Philippine Stock Exchange after trading closed.
San Miguel is Southeast Asia's largest food and beverage outfit and is known particularly for its beer, but it has moved aggressively into heavy industries in recent years.
This has included investments in mining, power generation and distribution, oil refining and road-building.
The statement said the firm's board approved the share sale for at least 75 pesos each.
San Miguel A shares, open to Filipinos, rose 0.74 percent Tuesday to close at 68 pesos.
San Miguel B, open to all investors, ended unchanged at 68.50 pesos. The listed firm is capitalised at 57.60 billion pesos.
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