San Miguel folds food & beverage businesses into one firm
Diversified conglomerate San Miguel Corp. (SMC) has formally merged its food and beverage businesses into one company, which will now be known as San Miguel Food and Beverage Inc. (SMFB), formerly known as San Miguel Purefoods Co.
In a regulatory filing, SMC said that for a total transaction value of P336.34 billion, SMC transferred 7.9 billion common shares of beer business San Miguel Brewery Inc. and 216.9 million shares of liquor arm Ginebra San Miguel Inc. to SMFB.
The filing said the companies already forged a deed of exchange to formalize the transaction.
However, it will still be subject to regulatory approval from the Securities and Exchange Commission (SEC).
It was in November last year when SMC announced the said plan. Then in March, the SEC approved the change of San Miguel Purefoods’ corporate name into SMFB.