SMC in talks with foreign firms for sale of 30% stake in Pure Foods

San Miguel Corporation (SMC) on Wednesday said it is now in talks with foreign partners for a 30-percent stake in its food and beverage business.

"Napakarami nang nag-o-offer to invest, so we think we will sell the consolidated company. We'll probably siguro sell 30 percent of the company... Mga $3 billion," SMC president Ramon Ang told reporters in Mandaluyong City.

According to Ang, all companies which expressed interest in acquiring the 30-percent stake in San Miguel Pure Foods Co. are based abroad.

"Puro malalaking kompanya. Maraming may gusto... Puro foreign," he said.

To recall, SMC earlier this month said it plans to raise around $3 billion through a share sale early next year.

The sale will be made once the company consolidates its food and beverages under Pure Foods, which will be renamed as San Miguel Food and Beverage Inc.

"Marami pa kaming gustong gawin, pero hindi pa pwedeng sabihin. Sa ngayon, consolidation of food, beer, Ginebra, and hopefully in the future, packaging," Ang said. — BM, GMA News