san-miguel-pushes-spinoff-as-yield-play

San Miguel pushes spin-off as yield play

The Philippine brewer is aiming for an IPO of at least $150 million, but 90% of the proceeds will go to the parent.

By Anette Jönsson

April 15, 2008

San Miguel Brewery yesterday kicked off the international roadshow for its initial public offering, which may raise between $148 million and $410 million. The listing-candidate is a spin-off from San Miguel Corporation, the largest food, beverage and packaging company in the Philippines, and comprises the groupÆs domestic beer operations although the actual brands will continue to be owned by the parent.

If successful, it will become only the second Filipino company to list this year after Pespi-Cola Products Philippines and, if priced towards the upper end of the range, it could become the largest IPO in the country since conglomerate SM Investments raised $528 million in 2005. Market participants are also hopeful that a solid...

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