One of the Philippines’ richest men is seeking to raise as much as $3 billion through a proposed share sale of San Miguel Corp.’s SMGBY 0.04% food-and-beverage business in the third quarter of this year, people familiar with the deal said.

The conglomerate, which owns the country’s most popular beer brand and other businesses, has hired J.P. Morgan , UBS and Morgan Stanley , among other banks, to conduct the share sale, the people said.

If successful, the sale will be one of the biggest offerings on record in the Philippines, one of Asia’s fastest-growing economies. The Philippine economy is dominated by a small number of conglomerates and has seen a slowdown in deal activity in recent years.

San Miguel is controlled by Philippine billionaire Ramon Ang, the country’s 10th richest man, according to Forbes, with a net worth of about $2.4 billion.

The company, which is listed on the Philippine Stock Exchange with a market capitalization of $6.5 billion, is in the midst of restructuring its food-and-beverage businesses. Last year it combined the businesses under San Miguel Food and Beverage Inc.

Write to P.R. Venkat at [email protected] and Jake Maxwell Watts at [email protected]



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