Philippines’ San Miguel further trims F&B unit’s IPO size, eyes $634m

FILE PHOTO: A trader walks past the electronic board of the Philippine Stock Exchange in Makati city, Metro Manila, Philippines June 27, 2016. REUTERS/Romeo Ranoco

San Miguel Corp, the Philippines’ largest company, is seeking to raise a mere P34 billion (about $634 million), less than half of its original target, through a sale of shares in its food unit after pricing the shares at the bottom of an indicative selling range.

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