E-Malt.com News article: Philippines: San Miguel Brewery moves listing date to May 12, 2008

San Miguel Corp.'s beer unit has decided to postpone its listing on the local bourse to May 12 from April 22, according to a notice posted the Philippine Stock Exchange's website, Thomson Financial reported March 28.

The initial public offering is now scheduled to run from April 28 to May 6, while the final offer price will be fixed on April 24, based on the latest timetable submitted by San Miguel Brewery Inc. (SMBI) to the exchange. It did not say why the schedule was moved.

The exchange approved on Wednesday SMBI's application to list up to 14.5 billion common shares, of which up to 1.78 billion shares or about 12 percent are to be offered to the public.

The shares will be offered at an indicative price of between P8.00 and P15.40 apiece.

The offer will comprise up to 154.9 million new shares and up to 1.39 billion shares currently held by San Miguel, Southeast Asia's largest food and drinks conglomerate.

SMBI will hold roadshows from April 15 to 24 for the IPO.

Citigroup Global Markets Ltd. and ATR Kim-Eng Capital Partners have been tapped as bookrunners and lead managers.

San Miguel, which is 20 percent owned by Japanese brewer Kirin Holdings Co. Ltd., is also planning to hold a separate IPO for its packaging business.

San Miguel will use the IPO proceeds to fund its foray into new capital-intensive businesses such as energy and mining.


28 March, 2008