MANILA, Nov 6 (Reuters) - Philippine conglomerate San Miguel Corp announced a share swap among its group companies on Monday to combine its core food and beverage assets valued at 336 billion pesos ($6.6 bln).
San Miguel Pure Foods Co Inc said in a filing to the Manila bourse that it will acquire San Miguel Corp's majority stakes in both Ginebra San Miguel Inc and San Miguel Brewery Inc and will issue 4.24 billion new shares to San Miguel Corp in exchange.
San Miguel Pure Foods' public float is 14.6 percent and San Miguel Corp currently owns 85.4 percent.
San Miguel Corp also currently owns most of Ginebra San Miguel Inc and just over 50 percent of San Miguel Brewery Inc. Japans Kirin Holdings Co Ltd owns the rest of San Miguel Brewery and it will retain that stake.
Pure Foods will be renamed San Miguel Food and Beverage Inc to reflect the change.
Shares in Pure Foods and Ginebra surged 50 percent on news of the restructuring on Monday, the daily limit on the Manila bourse, while parent San Miguel Corp gained 5.4 percent, outperforming the Philippines' broader index, which closed up 1.75 percent at a new record high.
San Miguel has pursued an aggressive expansion since 2008 to bolster revenues, adding infrastructure, mining, petroleum and power assets to its staple food and beverage businesses.
The San Miguel companies appointed Standard Chartered and ING Bank as financial advisors on the deal. The share swap must now be approved by shareholders at a special meeting set for Jan. 18. (Reporting by Neil Jerome Morales; Editing by Susan Fenton)