The Japanese brewer Kirin has increased its stake in Philippine food and drink conglomerate San Miguel Corporation by 4.12%, increasing its total stake to 19.7%.

Kirin Brewery Company acquired a further 117m class B shares of the company after buying a 15.55% share in San Miguel back in 2002.

Kirin invested in the San Miguel's Retirement plan and, with a transacted price of 75 pesos per share, the total value of Kirin's investment this time was PHP8.8bn (€120.2m).

Kirin president Koichiro Aramaki said that San Miguel had become an increasingly important partner for the company.

In a statement he said: "San Miguel's strategy for Asia and Oceania fits well with ours, and I am confident that this transaction will be another successful step in strengthening our long-term partnership."