MANILA, Philippines - Shares of San Miguel Corp rose to one-month highs on Monday, with analysts citing expectations the Philippine conglomerate would sell shares in a large sale at above market prices.

At 11:17 a.m. (0317 GMT), San Miguel was up 4.6 percent after rising as high as 5.8 percent earlier in the session, outperforming a 1.9 percent rise in the main index.

"The speculation that San Miguel will sell shares at between 200 and 250 pesos each is still there," said Gomer Tan, stock analyst at Regina Capital Development Corp.

San Miguel, the country's most valuable firm, has said it plans to sell up to 1 billion existing and new common shares at 200 to 250 pesos per share, in what would be the country's biggest share issue, to fund further investments in high growth sectors such as power and infrastructure.

"This could also be due to technical buying. The general market sentiment is positive," said Joseph Roxas, president of Eagle Equities Inc.

IFR reported that pre-marketing for the share sale began last week, with issue managers Standard Chartered Bank, Credit Suisse, Deutsche Bank, Goldman Sachs and UBS aiming to finish bookbuilding before the Easter holidays.