Philippines' San Miguel Pure Foods to sell up to 25 million preferreds

By Marisa Wong

Madison, Wis., Dec. 7 - San Miguel Pure Foods Co., Inc. said its board of directors approved a public offer of up to 25 million new preferred shares at a meeting on Tuesday.

The terms and conditions of the preferreds are yet to be determined.

The company previously announced that it would reclassify 40 million of its common shares into non-voting cumulative and non-participating preferred shares and issue up to PHP 40 billion of such preferreds, after receiving approval at a special stockholders meeting on Nov. 3.

San Miguel is a Pasig City, Philippines-based food manufacturing, processing and distribution company.

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