Philippines-based power-to-food conglomerate San Miguel has confirmed that it has received an unspecified number of offers for its food unit, which it put up for sale in order to raise funds for reinvestment.
The company put up to 49% of San Miguel Pure Foods on the block last summer.
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While San Miguel would retain a controlling interest in the company, the group said that the move was part of its strategy to shift its focus away from food and beverages and into higher growth but riskier areas, including oil refining and electricity.
A spokesperson for the company confirmed that the group was in talks with a number of parties over the possible sale.
“San Miguel has been receiving offers for San Miguel Pure Foods,” the spokesperson said. “However, we cannot disclose any details at the moment. Rest assured that we will make the proper disclosure through our Philippine Stock Exchange if there is any progress on the sale of a minority stake in our food subsidiary.”
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