PHILIPPINES: San Mig finalises Kirin deal, new chairman announced
Kirin Brewery has completed its acquisition of 15% of San Miguel, the Philippine food and beverage company, for US$540m, the companies announced today.
"Please be informed that today the closing of the Kirin investment in San Miguel was completed," San Miguel said in a disclosure to the exchange.
And after a board meeting it was agreed two Kirin executives would move onto the San Miguel board.
The Kirin investment, it is hoped, will help raise a US$1 billion war chest for expansion through acquisitions in food and drinsk over the next 12 months.
The new ownership structure sees the government's stake reduced to 38.6%, including 11.8% held by state pension funds and 26.8% sequestered and held on behalf of coconut farmers.
San Miguel chairman Eduardo Cojuangco's holding falls to 19.3%.
The rest will be held by the public and the San Miguel retirement fund.
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