PHILIPPINES: Kirin Holdings completes San Miguel stake buy
Kiring Holdings, the Japanese brewer, has completed its purchase of a 48% stake in Philippines-based San Miguel Brewery.
Kirin said today (22 May) that it has, as planned, bought a 43% stake in San Miguel Brewery from parent group San Miguel Corp and a further 5% stake by buying up all publicly owned shares in the group not owned by San Miguel Corp.
The Japanese brewer said previously that it had agreed to pay PHP59bn (US$1.25bn) and PHP26.2bn for the stakes respectively.
The deal also gives Kirin the right to negotiate exclusively with San Miguel Corp over the sale of the group's beer assets beyond the Philippines.
At the same time, Kirin said today that is has completed the sale of its entire 20% stake in San Miguel Corp to Q-Tech Alliance Holdings, a Philippines-based investment group, for approximately PHP39.6bn.
For Kirin, the moves form part of the brewer's strategy to expand beer operations outside of its native Japan.
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