PHILIPPINES: SM Investments to sell San Miguel stake
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.
Kirin Holdings and Sapporo Holdings are looking to merge their beer distribution in the north of Japan, according to local reports....
San Miguel Corp. is looking to reduce its debt from funds raised by the planned IPO of its domestic beer unit....
Domestic shipments of beer and beer-like products in Japan registered a fall in the first three months of 2008, according to recent figures....
Kirin Holdings is on the hunt for partnerships in India, Thailand and Vietnam, according to local reports....
Domestic shipments of beer and beer-like beverages in Japan rose slightly last month ahead of further price rises in the country, according to recent figures....
San Miguel Brewery, the beer arm of Philippines-based food and drinks group, San Miguel Corp., has posted a 9.4% increase in net profit to PHP8bn (US$196.5m) for 2007....
San Miguel Corp. has lined up the flotation of its domestic beer unit for later this year, according to local reports....
The prospect of price rises led to a leap in beer sales in Japan last month, according to recent figures....
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