San Miguel eyes P75-billion share sale for finance

San Miguel Corp. is raising as much as P75 billion from a share sale to finance investment and acquisition plans. In a disclosure to the stock exchange, the company said its board approved the share sale involving about one billion common shares from its unissued capital stock and treasury shares at P75 apiece. "The proceeds will be used to finance investments and acquisitions of the company," San Miguel chief information officer Ferdinand Constantino said. "The board has authorized management to determine the issue price and other terms of the offer," he added. —VS, GMANews.TV