San Miguel Corp. has lined up the flotation of its domestic beer unit for later this year, according to local reports.

The Philippines-based company is readying the listing for the second quarter of 2008, company president Ramon Ang was cited as saying in a report in The Philippine Star today (3 March). The floating of San Miguel Brewery will hopefully reap in the region of PHP25bn (US$611.3m), Ang told the paper, with the proceeds being used to fund working capital requirements and ventures into new markets.

San Miguel Brewery is planning to sell around 1.5bn common shares - made up of 1.39bn existing shares and 154.8 new shares - at between PHP9.50 and PHP16.30 each. At least 70% of the shares will be sold overseas with the balance issued locally, the paper said.

San Miguel's spirits unit, Ginebra San Miguel, is already listed on the bourse in the Philippines.

Japanese brewer Kirin Holdings holds a 20% stake in San Miguel Corp.