SEC Approves San Miguel Food Units Merger

The Securities and Exchange Commission (SEC) in the Philippines has approved the merger of two subsidiaries of San Miguel Pure Foods Company (SMPFC).

SMPFC said the SEC allowed the merger of Monterey Foods Corporation with San Miguel Foods (SMFI).

Before the approval, SMPFC owned 100% and 97.7% of the capital stock of SMFI and Monterey, respectively.

The merger will allow the company to own 99.97% of SMFI.

The merger involves the transfer of the assets and liabilities of Monterey as of 31 March 2010 in favour of SMFI.