PHILIPPINES: San Miguel returns to soft drinks - report
San Miguel Corp is reportedly returning to the soft drinks industry through its brewery in Hong Kong.
The Philippine Daily Inquirer reported yesterday (24 September) that the food and drinks group intends to convert its brewery in Hong Kong to produce soft drinks, whiskey and beer. The change is scheduled to take place in the last quarter of this year, the paper said, without citing sources.
Earlier this year, San Miguel Brewery Hong Kong announced the closure of one of its two breweries in Hong Kong. The facility in Yuen Long will close this month, with the unit's other existing brewery in the region being used as part of the restructuring.
At the beginning of this year, San Miguel sold its stake in Coca-Cola Bottlers Philippines to its joint venture partner The Coca-Cola Co. San Miguel made US$590m from the sale, which contributed to an 81% leap in first-half net profit for the Philippines-based conglomerate. Net profit for the period came in at $170.4m.
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