SMFB sets global roadshows for P142.8-billion share sale

MANILA, Philippines — San Miguel Food and Beverage Inc. (SMFB), the newly consolidated food and beverage subsidiary of San Miguel Corp. has embarked on a global roadshow for its share sale which is expected to raise up to P142.8 billion.

Informed sources said there would be roadshows in three continents, US, Europe and Asia to help investors better understand the prospects of the company.

There will also be domestic roadshows which will run until the end of the offer period.

The share sale is scheduled to run from Oct. 23 to 29.

This early, several investors have already expressed interest in participating in the deal, touted as the largest equity offering in the country in recent years.

It may surpass the P38-billion share offer of taipan Lucio Tan’s LT Group Inc. in 2013.

SMFB set an offer price of up to P140 per share and officials are optimistic the final price that would be set on the upper end given the company’s  rosy prospects.

According to the registration statement filed with the Securities and Exchange Commission (SEC), SMFB’s follow-on offering involves the sale of 887 million secondary shares owned by parent firm San Miguel and an over-allotment option covering 133 million shares.

The final pricing and allocation of the offer shares  will be known on Oct. 19.

SMFB tapped BPI Capital Corp. and BDO Capital & Investment Corp. as local lead underwriters; J.P. Morgan Securities, Morgan Stanley Asia, UBS AG Singapore Branch as joint global coordinators; Deutsche Bank and Goldman Sachs as joint bookrunners; and Standard Chartered Bank as financial adviser.

Part of the proceeds will be used for investments by the San Miguel Group, including capital and funding requirements of future projects.