SMFB scales back share sale to $612m

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By John Loh
18 Oct 2018

San Miguel Food and Beverage (SMFB) unveiled a sharply scaled-down secondary offering as it turned cautious after the global selloff in equity markets, with its deal now expected to raise just Ps33.1bn ($613.8m).

The Philippine-listed issuer will start bookbuilding on Friday after agreeing to market its shares at between Ps85-Ps95 apiece, according to a filing.

The sale comprises 348.6m shares in the base offer and a greenshoe of 174.3m shares, which could lift the proceeds to Ps49.7bn. There is an overallotment ...

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