SMC sells Pure Foods common shares

San Miguel Corp. (SMC) is selling common shares of its subsidiary Pure Foods Co. Inc. through joint bookrunners Maybank ATR Kim Eng Capital Partners, Inc., Standard Chartered Securities (Singapore) Pte. Limited. and UBS AG-Hong Kong.

 

The shares have a par value of P10 per share, and are listed on the Philippine Stock Exchange (PSE) and registered with the Securities and Exchange Commission.

 

Prior to the offer, SMC revealed – in a disclosure to the PSE on Monday –“there has been very limited trading of the common shares, and past trading is not indicative of either past or future valuation of San Miguel Pure Foods,” which “will not receive any proceeds from the sale.”

 

SMC said the shares are available only to outside the United States based on Regulation S under the US Securities Act of 1933 as amended. “The shares for sale have not been, and will not be, registered under the US Securities Act or the securities laws of any other jurisdiction,” the company noted.

 

The offered shares are expected to be ready for delivery in book-entry form through the Philippine Depository & Trust Corp. against payment this month.

 

In connection with the offer, SMC granted UBS AG-Hong Kong – the stabilizing agent on behalf of the joint bookrunners – a 30-day option solicit buyers additional common shares solely to cover over-allotments under the offer. — VS, GMA News