San Miguel Pure Foods share offer to be priced at steep discount

MANILA: Philippine conglomerate San Miguel Corp will sell up to 7.5 billion pesos ($183 million) worth of secondary shares in its food unit at a steep discount to the current market price to raise San Miguel Pure Foods' public float.

Pure Foods shares will be sold at a range of 240-300 pesos each, less than half of the current share price of 700 pesos, an official of Maybank Kim Eng, one of the firm's underwriters, said at an investors' briefing.