Philippine conglomerate San Miguel Corp. close to selling food unit

18:37, July 23, 2010      

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San Miguel Corp., one of Southeast Asia's biggest conglomerate, is getting closer to selling a strategic stake in unit San Miguel Pure Foods Co. to two prospective investors, its president said on Friday.

The two bidders will "proceed to further due diligence prior to final negotiations" but San Miguel president Ramon S. Ang stopped short of disclosing who they are.

Earlier, reports said that among the interested investors were the Gokongweis' Universal Robina Corp., local pharmaceutical giant Unilab and U.S.-based asset management firm Carlyle.

San Miguel said it would keep a majority stake in San Miguel Purefoods as only a minority stake would be sold. The minority stake however will be "significant."

San Miguel's food unit is involved in the poultry and livestock operations, feeds and flour milling, dairy and coffee operations, franchise operations, and young animal ration manufacturing and distribution.

The company was formerly owned by conglomerate Ayala group before it was acquired by San Miguel in 2001 in line with its thrust to become Philippines' largest food company.

San Miguel Purefoods has a market capitalization of 57.5 billion pesos (1.23 billion U.S. dollars).

Source: Xinhua

(Editor:王千原雪)

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