San Miguel Corp has confirmed that it is seeking to sell a stake in its spirits arm, Ginebra San Miguel, in order to raise funds for acquisitions in other industries.
San Miguel Corp (SMC) confirmed media reports that it intends to sell a portion of Ginebra, as well as its food and packaging businesses. Asset sales could hit US$1bn, the Philippines-based group said.
San Miguel Brewery, which is 48%-owned by Kirin Holdings but still controlled by SMC, is considered a likely buyer of a stake in Ginebra San Miguel.
The spirits division posted volume sales growth of 15% for the six months to the end of June last year. Operating profits for the half-year leapt to PHP617m (US$13.5m), from PHP426m in the same period a year earlier.
Last week, SMC also signalled that was willing to sell its remaining stake in San Miguel Brewery.
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