SM Investments Corp has received board approval to sell its 11% stake in San Miguel Corp, the food and beverage giant.

The stake will be sold to San Miguel Retirement Plan for 80 pesos per share, above the current market price.

"We took an excellent opportunity to cash in on one of our investments at a good price. SM would like to focus on its four core businesses at this time," SM Investments said in a statement.

San Miguel is partly owned by Japanese brewer Kirin Holdings Co Ltd.