In the disclosure, URC said the acquisition of URCI shares will allow the company to benefit from the strong growth of its international operations.
"The acquisition is therefore accretive for the company," URC added.
This deal, which is likely to be completed by September 2012, values URCI at PHP31.3bn ($740.82m), about 15.5 times its projected earnings for the year 2013.
This transaction is likely to be funded by the company's recent placement of its treasury sales - in June 2012, the company raised about PHP7.44bn ($176.09m) through a private sale of 120 million treasury shares at PHP62 ($1.46) per share.
Earlier in 2012, the company noted that it will invest PHP5.18bn ($122.60m) in capital expenditures this year, up from 14% in 2011, with the majority of it being set apart for strengthening of its consumer food operations.
URCI produces consumer food products under Universal Robina brands in Indonesia, China, Hong Kong, Singapore, Malaysia, Thailand and Vietnam, and its revenues increased five times from the year 2003 to 2011 - from 84m to $440m.
For the nine months ending June 2012, the company reported 6% increase in revenues to $350m, while earnings after income tax rose 29% to $36m, driven by improving margins and strong sales in Vietnam.
Universal Robina is a food division of JG Summit, a diversified conglomerate company in the Philippines with business interests in property development, air transportation, petrochemicals and financial services.
