SMC plans bigger public float for Pure Foods

MANILA—San Miguel Corp. is considering selling to the public as much as 25 percent of food unit San Miguel Pure Foods Co. through a follow-on offering next year.

In a disclosure to the Philippine Stock Exchange on Thursday, SMC said it was “contemplating to implement a follow-on offering of up to 25 percent” of San Miguel Pure Foods in 2014. But it added that this offering would be priced “at a premium, due to the expected performance of the company.”

San Miguel Pure Foods grew its first semester net profit by 6 percent year-on-year to P1.8 billion as the company sold higher volumes at better prices. Operating income rose by 31 percent to P2.4 billion in the first six months on the back of a 4-percent increase in consolidated revenues to P47.1 billion.

Late last year, San Miguel Pure Foods widened its public ownership from 0.08 percent to 15.08 percent following the completion of a P6-billion equity deal that placed out some shares held by its parent San Miguel Corp.