The boss of San Miguel Food and Beverage (SFMB) has vowed that the firms planned IPO will go ahead, despite its value being slashed by roughly 50% to US$920mn (PHP 49.4bn) as a result of weak market conditions.
Philippine conglomerate San Miguel revealed that it is preparing to sell a 20% stake in its food and beverage business unit, valued at around $1.7bn, on the same day it posted promising half-year figures.
