|
|
Article: PHILIPPINES' SAN MIGUEL TO TAKE OVER PURE FOODS FROM AYALA CORP.
- Article from:
- AsiaPulse News
- Article date:
- May 29, 2001
CopyrightCOPYRIGHT 2001 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
MANILA, May 29 Asia Pulse - Philippines consumer giant San Miguel Corporation has signed an agreement with the Ayala Corporation to purchase its 94 per cent stake in Pure Foods Corporation.
The deal excludes Pure Foods' equity in MPM Noodles, PT Sinar Pure Foods (tuna operations), and various real estate assets which have been transferred to holding companies, as well as its outstanding advances to the local Burger King franchise Philking, the companies said in a statement to the Philippines Stock Exchange. The shares of these companies were declared property dividends to Pure Foods stockholders on May 21, 2001.
Pure foods shares are valued at 124 pesos ...