The much-anticipated share sale of conglomerate San Miguel Corp. may be delayed to the fourth quarter of 2018 to early 2019 pending several regulatory approvals.
San Miguel Corp. president and chief executive Ramon Ang said in an interview at the sidelines of the annual stockholders’ meeting of Ginebra San Miguel Inc. the possible delay in the share sale of San Miguel Food and Beverage Inc. was not due to the current slump in the market.
“If your stock is good and your company is good, there is no need to worry about the market conditions. You just go ahead. San Miguel Food and Beverage is a very good company and we are confident we can sell the shares,” Ang said.
San Miguel Food is still waiting for SEC approval on an increase in the capital stock to P12 billion and the share swap. It is also awaiting the tax-free ruling of the Bureau of Internal Revenue also on the planned share swap.
The share sale of San Miguel Food will comply with the minimum public float requirement for listed companies.