PHILIPPINES: San Miguel Corp spins off brewing assets
San Miguel Corp is selling its domestic beer brands and brewing operations to its San Miguel Brewery subsidiary for around PHP39bn (US$839m), as the Philippines group looks to expand in other sectors.
San Miguel Corp said yesterday (27 January) that its board has approved the sale of domestic beer brands, including intellectual property rights, to San Miguel Brewery (SMB) for PHP32bn.
Land owned for beer operations will be sold to SMB for PHP6.8bn, while a further amount of land will be sold into SMB's Retirement Plan for PHP239m.
San Miguel Corp spent much of last year building up its presence in the energy sector, taking a controlling stake in oil firm Petron Corp and also acquiring a share in Manila Electric Co.
The group said last week that it has entered exclusive talks to sell a 43.25% stake in SMB to Japanese brewer Kirin Holdings.
Kirin Holdings has wasted no time in implementing its new strategy to expand across Asia Pacific and reduce reliance on domestic beer sales....
Fears that a merger between Kirin Holdings and Suntory Holdings could breach Japan's antitrust law are unfounded, say analysts in Tokyo....
Ginebra San Miguel, the spirits arm of San Miguel Corp, has reported net profits up by 75% in the first half of 2009....
San Miguel Brewery, the subsidiary of the San Miguel Corp, has reported 4% rises in net sales and profits for the first six months of 2009....
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