SyCipLaw advises Maybank, Stan Chart and UBS on sale of SMC's 15% stake in Purefoods
January 3, 2013
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) advised Maybank ATR Kim Eng Capital Partners, Inc., Standard Chartered Securities (Singapore) Pte. Limited, and UBS AG, Hong Kong Branch, joint lead managers of the sale of the 15% stake of San Miguel Corporation ("SMC") in San Miguel Pure Foods Co. Inc. ("SMPF").
The sale raised SMPF's public float from 0.08%, exceeding the required 10% minimum public float. The PhP6 billion proceeds will be used by SMC for general corporate purposes, which include expansion and repairs of existing facilities.
SMPF is SMC's food manufacturing unit and owns popular leading brands Magnolia, Monterey, Purefoods, B-Meg, Dari Crème, and Star. It also has presence in Vietnam and Indonesia through subsidiaries in San Miguel Pure Foods (VN) Co. Ltd. and PT San Miguel Pure Foods Indonesia.
The SyCipLaw team was composed of partner Simeon Ken R. Ferrer, senior associate Jennifer Jill I. Lim, and associates Joan Mae S. To, Diana Grace L. Uy, Joyce Melcar T. Tan, Maricar G. Ramos, and Jennifer S. Go.