San Miguel to Raise $1.6bn to Fund Acquisitions

San Miguel Corporation will sell one billion common shares to raise up to $1.6bn to finance investments and acquisitions.

The company said it will sell the shares for at least 75 pesos each.

In March San Miguel said it planned to sell $1bn of assets to accelerate a $2bn expansion into industries including railways, energy, telecommunications and mining.

The company has already declared its plan to sell a stake in San Miguel Pure Foods.

Earlier this year San Miguel obtained shareholder approval to sell more than 51% of its core businesses.