San Miguel pares follow-on target

摘要

Weak emerging markets and liquidity concerns have prevented San Miguel's sale of shares in subsidiary san micuel food and beverage from becoming the largest ever equity capital market transaction in the Philippines. SMFB will open books for a smaller-than-expected Ps33bn (US$61 lm) follow-on offer with price guidance of Ps85-Ps95 per share, significantly lower than the earlier indicative price of Ps140. San Miguel is also selling 349m shares rather than the originally planned 887m. There is an upsize option of 174m shares, which would lift the deal size to Ps49.68bn. The price range represents a 0%-12% premium to the pre-deal close of Ps85.