Manila, March 12 - Southeast Asian food giant San Miguel has cut the maximum amount it aims to raise from listing its flagship domestic beer unit to between $400-450 million from around $600 million, a source familiar with the deal said on Wednesday.
Financial market turbulence has encouraged the Philippine company to trim its expectations for the initial public offering, which is expected to go ahead in the second quarter of this year, said the source, who declined to be named.
San Miguel Brewery, which dominates the local market for beer, reported a 9 percent increase in net profit last year to 8 billion pesos ($194 million).
($1 = 41.23)