PHILIPPINES: San Miguel stake sale may not happen this year
Philippine Presidential spokesman Rigoberto Tiglao said on Monday that its sale of San Miguel to Kirin Brewery has been put on indefinite hold. This follows the announcement that Kirin will be acquiring a 15% stake in the food and beverage company for $536m.
In a statement Tiglao said that the government will still pursue its plan to sell its 31% stake in San Miguel but the sale will happen "down the road". The sale is still intended to finance a US$1bn trust fund for the development of the coconut industry.
In a further statement, Tiglao claimed that the government's agreement with San Miguel Chairman Eduardo Cojuangco, isn't related to a dispute over the ownership of assets that Cojuangco acquired using funds from a coconut industry tax. These assets include the 31% stake government holds in San Miguel and a large commercial bank. The government is also claiming another 20% stake in the food and beverage company that is controlled by Cojuangco.
- Job cuts not the whole story at AB InBev - Comment
- The decline of the flagship beer brand - Comment
- Craft spirits shake-out will be just the beginning
- Concha y Toro's Q2 by region, brand - Focus
- A step forward in alcohol research? ISFAR 191
- Diageo revamps Gordon's gin bottle in UK
- AB InBev to cull 5,500 jobs after SABMiller buy
- Pernod deal rescues Corby's FY
- Beam Suntory's Bowmore 10 Year Old - NPD
- Heineken unveils new mid-strength lager Heineken 3
- The Next Seven Big Beverage Markets
- Global rum insights - market forecasts, product innovation and consumer trends
- Global RTD insights - market forecasts, product innovation and consumer trends
- Adultifying Soft Drinks; Capitalizing on rising adult demand for non-alcoholic beverages
- Carlsberg AS (CARL B) - Financial and Strategic SWOT Analysis Review