Lotte Chilsung Beverage Co has broadened its Pepsi bottling portfolio with the acquisition of a controlling stake in Pepsi Cola Products Philippines.

The South Korean company, part of the Lotte Group conglomerate, confirmed today (16 September) that it paid KRW118.4bn (US101.9m) to shareholders for 34.4% of Pepsi Cola Products Philippines. The transaction underlines Lotte Chilsung's aim to expand in South East Asia.

Company CEO Hwang Chung described the purchase as “a great milestone” and that PCPP would “contribute to achieving our vision of becoming (one of) Asia's top ten companies by 2018”.

Lotte Chilsung is the Pepsi bottler in South Korea and has held the licence for 30 years.