San Miguel Pure Foods, the food division of Philippine conglomerate San Miguel, has raised about PHP6bn ($146m) with the sale of 2.5 million common shares for PHP240 ($5.82) each.
With this move, the company's public ownership has increased to 15.08%, up from 0.08%.
The Philippine Stock Exchange had asked nearly 27 companies including San Miguel Pure Foods to comply with its rule of 10% minimum public ownership. It warned that non-compliance with this regulation would lead to penalties and forced delisting.
San Miguel Pure Foods is involved in breeding, contract growing, processing and marketing of chicken, pork and beef products. It also manufactures refrigerated, canned and ready-to-cook meat products, butter, cheese, margarine, oils and fats, as well as animal and aquatic feeds.
