Pure Foods to turn on Laguna facility in first quarter of 2019.
SAN Miguel Pure Foods Co. Inc. (Pure Foods), the food group of San Miguel Corp., said it will complete and operationalize a new manufacturing facility for ready-to-eat products in Santa Rosa, Laguna, by the first quarter of next year.
The facility aims to augment consumer demand for convenience and capture a larger chunk of this fast-growing segment, the company said.
The facility, which will have a total area of 20,000 square meters, was recently granted incentives by the Department of Trade and Industry (DTI), through the Board of Investments.
'Once operational, it will produce fully cooked viands and heat-and-serve meals that will serve growing consumer demand for convenient, nutritious meals differentiated by home-cooked taste, rich quality and the highest levels of food safety,' the company said.
The plant and commissary will also cater to food-service clients' operational needs for quality, healthy and easy-to-prepare meals. It will also yield products for export in the ready-to-eat format, the company added.
'The new facility will also support the DTI's Inclusive Business program, through direct employment of locals and partnership programs with local businesses, farmers and animal growers, resulting in an integrated supply chain,' Pure Foods said in a statement.
Shareholders of Pure Foods last month approved the consolidation of the beer and liquor businesses of the conglomerate into one big company, the shares of which will be listed at the Philippine Stock Exchange (PSE).
The company may also do a follow-on offering in order to meet the minimum public float of the government at 15 percent.
According to the plan, Pure Foods will acquire Ginebra San Miguel Inc. and San Miguel Brewery Inc. and consolidate it into one company. The shares, which is considered as a re-IPO (initial public offering), will be listed at the PSE, while the company will be renamed as San Miguel Food and Beverage Inc.
With the acquisition, Pure Foods's public float will fall to about 4 percent, with San Miguel Corp. owning 95.87 percent of the company.
Ramon S. Ang, San Miguel president, earlier said the company may sell another 30 percent of Pure Foods once the consolidation is done. The transaction is said to be worth $3 billion.
Ang said a number of foreign investors had already expressed intention to participate in the potential share sale that will be a combination of follow-on offering and private placement.
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|Publication:||Business Mirror (Makati City, Philippines)|
|Date:||Feb 18, 2018|
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