San Miguel delays IPO of power unit anew

Rappler.com

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The power arm of diversified conglomerate San Miguel Corp. will not push through with its initial public offering (IPO) this 2012

MANILA, Philippines – The power arm of diversified conglomerate San Miguel Corp. will not push through with its initial public offering (IPO) this 2012.

The P36.6 billion target IPO proceeds from the listing of SMC Global Power Holdings Inc. was supposed to be the record high in local capital markets if it pushed through with its original plans to list in 2011.

Parent San Miguel has since clinched that record after it raised P80 billion from the listing of preferred shares in September.

In a disclosure to the exchange on October 1, San Miguel officials cited the impact of the ongoing crisis in Europe on the adverse market conditions for an IPO listing.

In a separate disclosure, San Miguel Pure Foods Co. Inc. said it is still considering delisting if it does not beat the 2013 deadline to raise its publicly listed shares to about 10% of its capital base.

The food unit has only 0.1% public float, as does its affiliate San Miguel Properties Inc.

Pure Foods said it is still considering a private placement or a secondary sale of the parent’s shares in the food unit. – Rappler.com

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