San Miguel Corporation has seen SM Investments Corp. increase its shareholding in the Philippine food and drink conglomerate.

SM Investments Corp. has today (12 August) bought 143m additional shares for for PHP9bn (US$161m). The acquisition raises SM's stake in San Miguel to 11% from 6.4%.

In a statement, SM Investments said: "SM's increased investment in San Miguel is a testament to its growing optimism on the latter's long-term potential, having built a solid domestic business base."