San Miguel Corp. has created a new beverage company.

The Philippine food and beverage giant said today (18 January) that it has set up San Miguel Beverages. The unit has an authorised capital of PHP100m (US$2.05m).

Company corporate information officer Ferdinand Constantino confirmed the move in a letter to the Philippine Stock Exchange.

Constantino was responding to an article regarding the new division, published today in the Manilla Standard. No further details were given.

Earlier this month, San Miguel, which produces drinks including beer brand Pale Pilsen, sold its stake in Coca-Cola Bottlers Philippines to The Coca-Cola Co.

The conglomerate will receive US$590m over five years from Coke for the 65% stake.