Philippine conglomerate San Miguel Corporation on Friday started to sell shares worth as much as Ps33.1 billion $619 million in its food and beverage operations. This is the final step of a massive business restructuring that has lasted for more than a year.
San Miguel Food Beverage’s highly anticipated share offering has been tipped by many investors and analysts as a defining moment for the country’s equity capital market because it is the biggest fully marketed equity transaction in US dollar terms since the $650 million initial public offering of Robinson Retail Holdings in 2013.
In fact, the market had higher hopes for the century-old conglomerate when...
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