Philippines’ San Miguel halves food unit IPO size, seeks $920m

FILE PHOTO - A logo of San Miguel Corporation (SMC) is seen at a main office in Ortigas city, metro Manila February 12, 2016. REUTERS/Romeo Ranoco

Philippine conglomerate San Miguel Corp said it is looking to raise about $920 million through a sale of shares in its food unit, slashing the size of the offering by almost half due to weakness in the stock market.

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