San Miguel Pure Foods raises P15B from share sale

San Miguel Pure Foods Company Inc., the food unit of San Miguel Corp., has raised P15 billion from the sale of 15 million Series 2 Preferred shares listed on the Philippine Stock Exchange on Thursday.

 

In a statement, San Miguel Pure Foods said market demand for the issue was strong and was four times oversubscribed.

 

"The strong support our company received from the investing community reflects their confidence on our strategy and growth prospects," president Francisco Alejo III said.

 

"For 2015, we expect to perform even better, with the robust economy and consumers' growing purchasing power," he added.

 

The company said proceeds of the offer will be used to refinance preferred shares the company issued in 2011 and redeemed on March 3, 2015.

 

BPI Capital Corp., China Banking Corp., RCBC Capital Corp., SB Capital Investment Corp. and Standard Chartered Bank were hired as joint issue managers, lead underwriters and bookrunners. – Danessa O. Rivera/VS, GMA News