No Sale of San Miguel Pure Foods

PHILIPPINES - San Miguel has decided to withdraw from sale the minority share of its Pure Foods division.
calendar icon 20 August 2010
clock icon 2 minute read

Conglomerate San Miguel Corp. appears to have dropped plans to sell a stake in its food unit over differences in the amount of shares to be sold, according to Business World Online.

The firm, which was expected to use proceeds from the sale for continued diversification into heavy industry, said two bidders wanted 100 per cent of San Miguel Pure Foods Co. but only 49 per cent was for sale.

In a statement released yesterday, San Miguel said: "The company's Board of Directors has limited to a minority stake plans to sell the company’s food subsidiary, San Miguel Pure Foods."

Company President and CEO Ramon S. Ang was quoted as saying: "All that should be currently under offer by San Miguel is the sale of a minority stake in our food group."

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