Philippines conglomerate San Miguel Corp. has said it could sell a 30% stake in its set-to-be-combined food, beer and liquor units.

Earlier this month, San Miguel Corp., the Philippines’ largest company by revenue, announced plans to fold San Miguel Brewery and liquor maker Ginebra San Miguel into San Miguel Pure Foods, which sells poultry and dairy products, processed meat and animal feeds.

Today, San Miguel Corp. confirmed it is also looking to place its separate packaging arm into the new food-and-drinks entity, to be renamed San Miguel Food and Beverage Inc., or SMFBI.

The conglomerate could then look to offload a 30% stake in the enlarged entity.

“San Miguel Corp. has advised that the viability of the consolidation of the packaging business into the company is currently being evaluated and appropriate disclosures will be made to the exchange at the opportune time,” the group said in a filing with the Philippines Stock Exchange.

“Such consolidation will require corporate and regulatory approvals. Subject to market conditions and investor interest, San Miguel Corp. may offer to sell up to 30% equity interest in the company through a combination of private placement and public offering. Proceeds from such [a] sale, which is estimated to be US$3bn, based on the value of the consolidated food and beverage business of the company, may be invested in San Miguel Corp. in new businesses.”

The plan to combine San Miguel Brewery and liquor maker Ginebra San Miguel into San Miguel Pure Foods was set out on 6 November.

In a complicated share-swap process, San Miguel Corp. will subscribe for 4.24bn additional common shares in San Miguel Pure Foods after the latter increases its authorised capital stock to 11.6bn common shares from 2.06bn.

The conglomerate will pay for those shares with 7.86bn common shares in San Miguel Brewery and 216.97m common shares in Ginebra.