MANILA, Philippines ? Diversifying San Miguel Corp. plans to sell its food-related brands and intellectual property rights to food subsidiary San Miguel Pure Foods Co. Inc. (SMPFC) for about P3.2 billion.

The move is ahead of a plan to sell a 40 percent stake in SMPFC ? by way of a trade sale or a marketed placement ? to new investors.

The initiatives are seen in line with its strategy to strengthen its operating subsidiaries, such as the tack taken for beer unit San Miguel Brewery Inc., as the parent company itself focuses on new and potentially higher-yielding ventures outside its traditional food and beverage businesses.

San Miguel disclosed to the Philippine Stock Exchange on Tuesday that its board also approved its potential subscription of up to P5.2 Billion worth of new SMPFC shares, seen as a move to maintain a majority shareholding if and when new investors come into the subsidiary.

San Miguel also approved the sale to its offshore food unit San Miguel Pure Foods International Ltd. (BVI), a wholly owned subsidiary of SMPFC, of a 51 percent interest in San Miguel Pure Foods Investment Ltd. (SMPFIL) at book value.